In 2014, a Bitcoin exchange called Mt. Gox, based in Japan, experienced one of the largest hacks in cryptocurrency history. Mt. Gox was responsible for about 70% of all Bitcoin transactions at the time. Hackers managed to steal approximately 850,000 Bitcoins, worth about $450 million at the time and worth billions of dollars today.

Mt. Gox's CEO, Mark Karpeles, discovered the security breach but was unable to recover the stolen Bitcoins. The company filed for bankruptcy, and many users lost their savings. This event led to greater awareness about security in cryptocurrency exchanges and encouraged the creation of stricter regulations to protect investors.

This story highlights the risks associated with cryptocurrency exchanges and the importance of robust security measures to protect digital assets.