FTX Bitcoin reserves same value as Mt. Gox 840K BTC before hack

The infamous Mt. Gox Bitcoin hack cost the same price in US dollars as FTX drained its 20,000 BTC balance.

If FTX triggers new lows in the Bitcoin (BTC) bear market, BTC price action must drop further to match Mt. Gox.

Data from on-chain analytics firm Glassnode confirms that the “Mt. FTX vs. Mt. Gox: Same, Same But Different

With the fallout from the FTX bankruptcy scandal, questions remain as to how many major crypto entities will be affected and the extent of industry losses.

BTC/USD fell over 25% last week as the ramifications became known and failed to recover much lost ground.

At the same time, multiple comparisons to Mt. Gox emerged: alleged mismanagement, lack of security, and insider trading activities were all cited as examples.

The raw data, however, reveals some additional numbers worth keeping in mind.

Mt. Gox imploded following a giant hack of 840,000 BTC in February 2014. A few months prior, Bitcoin hit a new all-time high of around $1,100, with Mt. Gox handling around 70% of all trading activity.

In the months that followed, Bitcoin lost up to 85% of its value from that peak, bottoming out in January 2015, almost a year after the hack.

This cycle became the first large-scale Bitcoin bear market seen by hodlers, and it took until December 2017 for another all-time high to appear.

Fast forward to 2022, and at its recent two-year low, BTC/USD is down 77% in just under a year from its last all-time high of $69,000.< /p>

With similar timeframes between FTX and Mt. Gox, the question facing analysts is whether BTC's price action will add another 10% to its decline from its previous peak, or worse .

As Cointelegraph reported,