Bitcoin exchange Mt Gox drops relaunch plans

Wednesday 16 April 2014 07.36
Mt Gox filed for bankruptcy protection in Japan last month after losing hundreds of millions of dollars worth of bitcoin
Mt Gox filed for bankruptcy protection in Japan last month after losing hundreds of millions of dollars worth of bitcoin

Defunct bitcoin exchange Mt Gox has given up plans to rebuild under bankruptcy protection and has asked a Tokyo court to allow it to be liquidated, the Wall Street Journal has reported.

These people cited the complexity of the procedure and the lack of realistic rehabilitation plans for the Tokyo-based exchange as reasons for the move, the newspaper said. 

Mt Gox, once the world's biggest bitcoin exchange, filed for bankruptcy protection in Japan last month, saying it may have lost some 850,000 bitcoins - worth around $454 million at today's rates - due to hacking into its computer system. 

It has since said it found 200,000 of those bitcoins.

Mt Gox's lawyers declined to comment on the matter.

Mt Gox CEO Mark Karpeles will not travel to the United States to answer questions about the bitcoin exchange's US bankruptcy case, Mt Gox lawyers told a federal judge this week.