I knew Mt Gox was a failed big exchange but didn't know what caused it's failure so I looked into it ; This is the Mt.Gox story.

It starts in 2007 ,Jed McCaleb had registered The Mt Gox web domain with the idea of turning it into a trading site for Magic: The Gathering game cards.

He never followed through on that idea, but in late 2010, McCaleb decided to repurpose the domain as a bitcoin exchange. But soon, McCaleb was getting wires for tens of thousands of dollars and, realizing he was in over his head, he sold the site to Mark Karpeles, A coder and bitcoin enthusiast.

At its peak Mt Gox was dealing with 70% of all bitcoin transactions but it was all about to go down.

In June of 2011, the company experienced its first hack in which hackers got ahold of Mt. Gox auditor’s computer and changed the price of bitcoin to 1 cent.

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Then they started buying bitcoin at this artificial price using the private hot wallet keys of Mt. Gox customers, obtaining about 2,000 bitcoin but Mt Gox survived this , this wasn't the ending though , The final nail in the coffin was still left.

In 2014 Mt Gox found that they had lost around 800000 Bitcoins to a hack and shut down the website.

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Investigations of the 2014 fiasco reveal that the Mt. Gox private key was unencrypted and stolen back in 2011.From there, the culprits began skimming bitcoins from customer accounts over the next couple of years and nobody found out.

While all this was going on Kerpeles was more interested in his pet project The Bitcoin cafe where you could pay for stuff with Bitcoin, which to no one's surprise never came to fruition.

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Shortly after the hack in 2014, Mt. Gox reportedly found 200,000 bitcoins in old-format digital wallets the company had been using before June 2011. They promised to disburse these bitcoins to victims of the hack, the litigations for which are continuing to this day.