The Fall of Mt. Gox: How 850,000 BTC Vanished
The full story of crypto's defining disaster — how the exchange that handled 70% of the world's bitcoin trades lost 4% of all BTC, and what it took a decade to unwind.
Reports archive
Post-mortems & flight notes
Long-form reports from the history desk — collapses dissected, business models audited, and the occasional explainer for humans.
CEX vs DEX: A History of Two Order Books
How trading split into two parallel worlds — the centralized exchange with its custody and compliance, and the automated market maker with neither — and where each came from.
How Exchanges Make Money: Fees, Spreads, and Listings
The business model behind 'to the moon': trading fees, spreads, listing charges, margin interest and custody — and why the venue profits whether you win or lose.
Crypto Payment Gateways: A Practical Guide for Merchants
Digital currencies have evolved from experimental assets into mainstream payment options. Today, merchants ranging from small online stores to global SaaS platf