Mt. Gox, the Tokyo-based bitcoin exchange that went belly up and lost hundreds of millions of dollars belonging to the site’s users, on Tuesday received approval to begin bankruptcy proceedings in the US. Reuters reports that Mt. Gox, which was operated by chief executive Mark Karpeles, was granted approval from a Dallas court to begin Chapter 15 proceedings as it awaits a settlement with U.S. customers and the sale of its business. In February, the online exchange lost about 750,000 bitcoins belonging to users, and another 100,000 of the company’s own bitcoins, in what appears to have been a long-running theft. The company froze users’ accounts and customers lost more than $450 million at current bitcoin valuation.
Mt. Gox has received bankruptcy protection in the US
Keep reading
More Two Takes
