41 sats \ 3 replies \ @siggy47 OP 25 Jul \ parent \ on: Mt. Gox Stories BooksAndArticles
I believe the bitcoin is sent to a person's account on an exchange. Then, the person can take custody or sell it for fiat.
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It's a long story. You can start with wikipedia:
https://en.wikipedia.org/wiki/Mt._Gox
This book has a good chapter about it: