TOKYO (AP) — 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.

Mt.
Gox has suggested the bitcoins were stolen. The company has not been
able to confirm the bitcoin balances of its users, although they can
look at a balance on a website that is no guarantee for a claim, it
said.
Bitcoins, created in 2009, are used for transactions across
borders without third parties such as banks and have become a popular
investment.
Mt. Gox said in a statement that a meeting for
creditors will be held in July, and a report of its outcome will be
shared on its website for those who can’t attend.
Copyright 2014 The Associated Press. All rights
reserved. This material may not be published, broadcast, rewritten or
redistributed.
TOKYO (AP) — 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.

Mt.
Gox has suggested the bitcoins were stolen. The company has not been
able to confirm the bitcoin balances of its users, although they can
look at a balance on a website that is no guarantee for a claim, it
said.
Bitcoins, created in 2009, are used for transactions across
borders without third parties such as banks and have become a popular
investment.
Mt. Gox said in a statement that a meeting for
creditors will be held in July, and a report of its outcome will be
shared on its website for those who can’t attend.
Copyright 2014 The Associated Press. All rights
reserved. This material may not be published, broadcast, rewritten or
redistributed.