Boulevard of Broken Dreams: 2 Decades of Cyber Fails

The report recounts the Mt.Gox exchange collapse: long-term theft of roughly 850,000 BTC enabled by credential compromise, hot-wallet custody, lack of multi-signature controls, and a transaction malleability vulnerability. Management and governance failures (no audit logging, inadequate incident response, and possible internal malfeasance) amplified the impact, precipitating bankruptcy, market disruption, and industry-wide shifts toward cold storage, multi-sig custody, audits, and regulatory frameworks.