Mt. Gox abandons plans to rebuild, files for liquidation instead

Shawn Knight

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gox exchange liquidation bitcoin mt gox

Bad news for those holding on to a glimmer of hope that embattled Bitcoin exchange Mt. Gox might one day return their holdings – the company has decided to abandon plans to rebuild the business and instead is seeking to liquidate all assets.

Sources close to the matter told The Wall Street Journal that Mt. Gox has asked a Tokyo court to allow them to liquidate due to the complexity of holding business meetings with creditors around the world as well as the unrealistic rehabilitation plans set in place. The company has some 127,000 different creditors spread across the globe.

One person close to the company said they are still holding out hope that a buyer for the exchange will be found. Under this outcome, creditors could receive a portion of any future earnings while liquidation would mean they’d likely recoup less of their investment.

The Tokyo court is expected to make a decision on the request within the next two weeks. Should the court approve the request, a trustee would be appointed that would take over management of Mt. Gox’s assets from chief executive officer Mark Karpeles.

Mt. Gox, once the largest Bitcoin exchange in the world, went offline in late February. A few days later, the company filed for bankruptcy protection and claimed hackers stole nearly half a billion dollars worth of Bitcoins by exploiting a bug in the Bitcoin software.

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I still think someone should put out a contract on this Karpeles dirtbag. The investors might not get their money back but at least they have the satisfaction of knowing he won't be living the high life on their dough.
 
I still think someone should put out a contract on this Karpeles dirtbag. The investors might not get their money back but at least they have the satisfaction of knowing he won't be living the high life on their dough.
Yes, whether or not the rumor that he stole it is true or false he needs to be held accountable for the loss. It was his companies fault and he should be held accountable for the loss and made sure he gets no money from this since he has "lost" nearly half a billion in coins.
 
Yes, whether or not the rumor that he stole it is true or false he needs to be held accountable for the loss. It was his companies fault and he should be held accountable for the loss and made sure he gets no money from this since he has "lost" nearly half a billion in coins.
Where there's smoke there's fire. The chances of him being at the bottom of all this is 99.9%.
 
If I had worked there, everyday, I would have been thinking that I could take all the coins, and nobody could stop me.


If I was the owner, and was in debt, then I would know that I would have to take them - one day.
 
I'm laughing at everyone that lost, because they bought into the idea that Bitcoin is more secure. It was inevitable that this day was coming.
 
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