Earlier this month the Tokyo District Court decided there was no hope of financial recovery for Mt. Gox. The bitcoin exchange will attempt to sell its assets. Investors, however, may not recover any of their money.
Read more from WHIG.com:
Bankruptcy proceedings began Thursday for the Mt. Gox bitcoin exchange, a move that was widely expected after the Tokyo District Court decided earlier this month that the company would not be able to resurrect itself.
An administrator will try to sell its assets, but many creditors, including those who had bitcoins with the exchange, might not get their money back.
After Mt. Gox went offline in February, its CEO, Mark Karpeles, said tens of thousands of bitcoins worth several hundred million dollars were unaccounted for.
Under the bankruptcy proceedings, Karpeles’ liability will be investigated, Mt. Gox said in a statement. Continue reading…