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Defunct bitcoin exchange Mt. Gox files for liquidation: WSJ

Published on Apr 16, 2014 2:49 PM
Kolin Burges, a self-styled cryptocurrency trader and former software engineer from London, holds up a placard to protest against Mt. Gox, in front of the building where the digital marketplace operator was formerly housed in Tokyo, on Feb 26, 2014. -- FILE PHOTO: REUTERS

(Reuters) - Defunct bitcoin exchange Mt. Gox has given up plans to rebuild under bankruptcy protection and has asked a Tokyo court to allow it to be liquidated, the Wall Street Journal reported, citing people familiar with the situation.

These people cited the complexity of the procedure and the lack of realistic rehabilitation plans for the Tokyo-based exchange as reasons for the move, the newspaper said.

Mt. Gox, once the world's biggest bitcoin exchange, filed for bankruptcy protection in Japan last month, saying it may have lost some 850,000 bitcoins - worth around US$454 million (S$569 million) at today's rates - due to hacking into its computer system.

It has since said it found 200,000 of those bitcoins.

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