Mt. Gox Files for Bankruptcy in the U.S.

Mt. Gox

Mt. GoxJust days after it sought protection in Japan, once popular Bitcoin exchange Mt. Gox has been forced to file for bankruptcy in the US in the hope of climbing out of the huge hole it’s found itself in. Still reeling from the loss of 850,000 Bitcoins (currently worth around $549 million) and debts of more than $63.6 million, the company has filed papers that will temporarily suspend US legal action against it, allowing it to work out how “weaknesses in the system” allowed the digital currency to go missing in the first place. It’s not quite the news customers were hoping for, but it’s a logical move by Mt. Gox as it will better protect investors located outside of Japan and could also open avenues for it to take on financial aid. While it continues to piece together exactly what happened, some are taking matters into their own hands.

Read the full story at Engadget.

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