Similar Stories to Failed Bitcoin Exchange Mtgox To Start Liquidation Process on Bing News

Agence France-Presse, The Raw Story
Thu, 04/24/2014 - 6:17am

Failed Bitcoin exchange MtGox, whose spectacular collapse hammered the digital currency’s reputation, is to be liquidated after a Japanese court on Thursday ordered the start of bankruptcy proceedings, said a lawyer appointed to carry out the process. The global virtual currency community was shaken by the shuttering of MtGox, which froze withdrawals in early February because of what the firm said was a bug in the software underpinning Bitcoin that allowed hackers to pilfer them. The exchange filed for bankruptcy protection soon after, admitting it had lost 850,000 coins which were worth nearly $500 million at the time.

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