TIME Bitcoin

Top Bitcoin Exchange Mt. Gox Set To Be Liquidated

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

Mt. Gox, once the world’s largest bitcoin exchange, is set to be dissolved 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]

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