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Mt. Gox Files Bankruptcy within US

Category: General News
Posted: 01:20PM

Just last month, it was reported that bitcoin exchange Mt. Gox vanished from the Internet. At the time, the website for the major exchange was unavailable and over 744,000 bitcoins were supposedly missing due to malleability-related theft. In all, Mt. Gox lost around $474 million worth of bitcoins due to a software algorithm flaw that underlies bitcoin, according to the exchange. A major investigation is ongoing however, which may provide different information regarding the loss of bitcoins. Now, the major bitcoin exchange has filed for bankruptcy within the United States, seeking protection against various lawsuits that have been filed by customers of Mt. Gox. If the bankruptcy petition is approved, claims against the company will be halted temporarily.

The bankruptcy filing was made by the only board member of Mt. Gox, Mark Karpeles. The case is identified as Mt. Gox Co Ltd, U.S. Bankruptcy Court, Northern District of Texas, No. 14-31229.

Source: PCWorld and Reuters

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