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.