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Game over for Mt Gox as liquidation looms

Game over for Mt Gox as liquidation looms
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It looks like game over for Mt Gox as a Tokyo District Court has ordered the start of liquidation for the failed bitcoin exchange.

The comes after a bankruptcy administrator concluded it would be difficult to rehabilitate the firm, which was once the largest bitcoin exchange in the world.

It had filed for bankruptcy protection after saying millions of euros worth of bitcoins had been stolen due to computer security flaws.

The liquidation dashes the hopes of a group of investors who were trying to take over Mt. Gox to retrieve the cryptocurrency and cash belonging to its 127,000 creditors.

A document uploaded onto the court’s website and signed by bankruptcy administrator, attorney Nobuaki Kobayashi, said that he would conduct an investigation into the liability of the representative director of the company, Mark Karpeles, regarding the missing assets.

The document also said that a creditors’ meeting would take place on July 23, 2014.

with Reuters