Brian Molidor Brian Molidor is Editor at Social News Watch. Find him on Twitter, Facebook, and Pinterest.

Mt. Gox decides to file for liquidation

42 sec read

The failed bitcoin exchange Mt. Gox has given up on its plan to rise from the ashes under bankruptcy protection. Instead, it’s asked a Tokyo court for permission to be liquidated “People familiar with the situation” told the newspaper that the sheer complexity of the operation to rebuild itself is what’s stymied the original ambitions. In particular, the sources cite the difficulty of holding meetings with creditors scattered across the world—oh, as well as “the lack of realistic rehabilitation plans.”

Defunct bitcoin exchange Mt. Gox has given up its plan to rebuild under bankruptcy protection and has asked a Tokyo court to allow it to be liquidated, people familiar with the situation said. These people cited as reasons the complexity of the procedure—including the difficulty of holding meetings with creditors spread around the world—as well as the lack of realistic rehabilitation plans for the Tokyo-based exchange. Mt. Gox, at one point the world’s busiest bitcoin exchange, collapsed in February and said as it filed for bankruptcy protection in Tokyo on Feb. 28 that it had lost 850,000 bitcoin worth around half a billion dollars. Since then, about 200,000 bitcoin have been recovered and are part of the exchange’s assets. 

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Brian Molidor Brian Molidor is Editor at Social News Watch. Find him on Twitter, Facebook, and Pinterest.

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