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Mt. Gox tosses out idea of rebuilding, will try to liquidate assets

Mt. Gox won't try to rebuild, and will instead liquidate its assets to creditors sometime later this year.

Published Wed, Apr 16 2014 8:42 AM CDT   |   Updated Sat, Aug 8 2020 10:29 AM CDT

The shuttered Mt. Gox bitcoin exchange has asked a Japanese court to grant liquidation of the company's assets, and will no longer seek bankruptcy protection. Following the catastrophic loss of bitcoin currency, the site quickly shuttered - with customers essentially left out in the cold.

Mt. Gox tosses out idea of rebuilding, will try to liquidate assets | TweakTown.com

The company doesn't seemingly have a realistic approach to rehabilitating the company - and Mt. Gox creditors and investors spread across the world - it would simply be too difficult to arrange necessary meetings. There was initially hope an outside investor would buy the exchange, promising creditors a cut of future profits, but they will now settle for a slice of the liquidation.

Mt. Gox founder Mark Karpeles didn't want to visit the United States to explain his defunct company's actions which led to millions of dollars of bitcoin cryptocurrency lost.

NEWS SOURCE:online.wsj.com

An experienced tech journalist and marketing specialist, Michael joins TweakTown looking to cover everything from consumer electronics to enterprise cloud technology. A former Staff Writer at DailyTech, Michael is now the West Coast News Editor and will contribute news stories on a daily basis. In addition to contributing here, Michael also runs his own tech blog, AlamedaTech.com, while he looks to remain busy in the tech world.

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