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Shuttered Mt. Gox receives bankruptcy protection in U.S. courts

The now defunct Mt. Gox bitcoin exchange has received bankruptcy protection after shutting down, despite attempts to revive it.

Published Tue, Jun 17 2014 10:47 PM CDT   |   Updated Sat, Aug 8 2020 10:29 AM CDT

Defunct bitcoin exchange Mt. Gox has been granted Chapter 15 bankruptcy in the U.S. Bankruptcy Court in the Northern District of Texas (Dallas). During its prime, Mt. Gox was the largest and best known bitcoin exchange, but closed after a whopping 850,000 bitcoins magically disappeared.

Shuttered Mt. Gox receives bankruptcy protection in U.S. courts | TweakTown.com

The successful bankruptcy ruling allows Mt. Gox's Japanese trustees to analyze evidence and oversee the company's remaining assets. Mt. Gox was sued in a class-action lawsuit filed by its users, with U.S. and Canadian customers prepared to split the remaining 200,000 bitcoins that the company still holds.

Earlier in the year, Mt. Gox supporters hoped to revive the company and received credit blessing, but that doesn't seem likely any longer. Company officials already threw in the towel on trying to rebuild Mt. Gox, and just want to get through the bankruptcy as fast as possible.

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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