The term “GOXed” comes from the cryptocurrency community and it refers to a situation where a cryptocurrency exchange stops withdrawals, typically due to a hacking incident or bankruptcy.
It’s a term derived from the infamous Mt. Gox Bitcoin exchange, which was once the world’s largest Bitcoin exchange handling over 70% of all Bitcoin transactions worldwide. In 2014, Mt. Gox suspended trading, closed its website and exchange service, and filed for bankruptcy protection from creditors. It was reported that approximately 850,000 bitcoins belonging to customers and the company were missing and likely stolen, an amount valued at more than $450 million at the time.
Hence, “Getting Goxed” or “GOXed” became a slang term in the cryptocurrency community to describe the situation when you’re unable to withdraw your assets from a cryptocurrency exchange due to the exchange’s operational issues, often involving insolvency or a security breach. It’s a stark reminder of the risks associated with storing digital assets on exchanges.
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