--- description: The bitcoin exchange is set to be liquidated, a court said Wednesday, as Mt. Gox prepares for bankruptcy proceedings to officially commence title: Mt. Gox Set To Be Dismantled image: https://static.time.com/v3/assets/bltea6093859af6183b/bltde093bcdab65f2d0/6988d9b9bc6cfc69913e2a3c/time-logo.jpg?branch=production --- * [World](/section/world/) ## World Update your preferences in [Account Settings](/account/preferences/) Close * [Bitcoin](/tag/bitcoin/) ## Bitcoin Update your preferences in [Account Settings](/account/preferences/) Close # Top Bitcoin Exchange Mt. Gox Set To Be Liquidated by [Sam Frizell](/author/sam-frizell/) ## Sam Frizell Update your preferences in [Account Settings](/account/preferences/) Close Apr 16, 2014 12:02 PM CUT by [Sam Frizell](/author/sam-frizell/) ## Sam Frizell Update your preferences in [Account Settings](/account/preferences/) Close Apr 16, 2014 12:02 PM CUT Mt. Gox, once the world’s largest bitcoin exchange, is set to be [dissolved](http://www.reuters.com/article/2014/04/16/us-bitcoin-mtgox-idUSBREA3F09U20140416 "undefined") after a Tokyo court dismissed Wednesday the company’s bid to restart its business. The court placed Mt. Gox’s assets under a provisional administrator’s control before the company officially enters bankruptcy proceedings, Reuters reports. The court said it will likely be investigating CEO Mark Karpeles’ liability in the collapse of the Tokyo-based firm. Mt. Gox filed for bankruptcy protection in February, saying it lost 850,000 bitcoins, or about $454 million at today’s rates, after hackers attacked its computer systems. Karpeles’s lawyers have said he will not travel to the U.S. to answer a federal judge’s questions about the bitcoin exchange’s ongoing U.S. bankruptcy case. \[[Reuters](http://www.reuters.com/article/2014/04/16/us-bitcoin-mtgox-idUSBREA3F09U20140416 "undefined")\] ```json [{"@context":"https://schema.org","@type":"NewsArticle","@id":"https://time.com/64747/bitcoin-exchange-mt-hox-liquidated/","mainEntityOfPage":{"@type":"WebPage","@id":"https://time.com/64747/bitcoin-exchange-mt-hox-liquidated/"},"headline":"Top Bitcoin Exchange Mt. Gox Set To Be Liquidated","datePublished":"2014-04-16T12:02:01.000Z","dateModified":"2026-02-21T07:19:48.753Z","description":"A Tokyo court on Wednesday dismissed a bid by Mt. Gox to restart its business, allowing what was once the world's largest bitcoin exchange to be liquidated after it filed for bankruptcy protection in February following an attack by hackers","url":"https://time.com/64747/bitcoin-exchange-mt-hox-liquidated/","keywords":["Bitcoin"],"thumbnailUrl":"","author":[{"@type":"Person","name":"Sam Frizell","jobTitle":null,"url":"https://time.com/author/sam-frizell/"}],"articleSection":"World","image":[],"publisher":{"@type":"Organization","name":"Time","url":"https://time.com/","logo":{"@type":"ImageObject","url":"https://time.com/images/logo.png","width":528,"height":156},"foundingDate":"March 3, 1923","sameAs":["https://www.facebook.com/time","https://www.instagram.com/time/?hl=en","https://twitter.com/time","https://www.pinterest.com/timemagazine"]}},{"@context":"https://schema.org","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"item":{"@id":"/section/world/","name":"World"}},{"@type":"ListItem","position":2,"item":{"@id":"/tag/bitcoin/","name":"Bitcoin"}},{"@type":"ListItem","position":3,"item":{"@id":"https://time.com/64747/bitcoin-exchange-mt-hox-liquidated/","name":"Top Bitcoin Exchange Mt. Gox Set To Be Liquidated"}}]}] ```