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Chapter 11 Bankruptcy

Mt. Gox Gives Up; 'no Prospects' For Business

Mt. Gox, the Japanese bitcoin exchange that abruptly shuttered in late February, said Wednesday the Tokyo District Court had dismissed its application for a Japanese civil rehabilitation proceeding. The Japanese bankruptcy proceeding is similar to a Chapter 11 filing in the U.S. Mt. Gox in late February disclosed it had lost about 750,000 of its customers' bitcoins and 100,000 of its own bitcoins, after earlier halting trading and wiping its website clean of information. The proceeding was dismissed because the rehabilitation process appeared "difficult," the search for the missing bitcoins will require time, and there are "no prospects" for Mt. Gox's business to resume, the company said in a statement . "The dismissal of the application for commencement of a civil rehabilitation procedure will create great inconvenience and concerns to our creditors for which we apologize," the company said. Bitcoin traded at $509.24 on the Coindesk Bitcoin Price Index, which tracks prices across thre...

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