Report: Mt. Gox Likely to Be Liquidated, Rather than Re-Build

Mt. Gox

Mt. Gox, once the world’s biggest bitcoin exchange, is likely to be liquidated after a Tokyo court dismissed the company’s bid to resuscitate its business, the court-appointed administrator said on Wednesday. CEO Mark Karpeles is also likely to be investigated for liability in the collapse of the Tokyo-based firm, the provisional administrator, lawyer Nobuaki Kobayashi, said in a statement published on the Mt. Gox website. “The Tokyo District Court recognized that it would be difficult for the company to carry out the civil rehabilitation proceedings and dismissed the application for the commencement of the civil rehabilitation proceedings,” he said. Mt. Gox filed for bankruptcy protection from creditors in Japan in late February, saying it may have lost some 850,000 bitcoins – worth around $454 million at today’s rates – due to hacking into its computer system. It later said it had found 200,000 of those bitcoins.

Read the full story at Reuters.

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