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This article was published on April 16, 2014


Mt. Gox is reportedly planning for liquidation rather than rebuilding its business [Confirmed]

Mt. Gox is reportedly planning for liquidation rather than rebuilding its business [Confirmed]
Jon Russell
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Jon Russell

Jon Russell was Asia Editor for The Next Web from 2011 to 2014. Originally from the UK, he lives in Bangkok, Thailand. You can find him on T Jon Russell was Asia Editor for The Next Web from 2011 to 2014. Originally from the UK, he lives in Bangkok, Thailand. You can find him on Twitter, Angel List, LinkedIn.

Mt. Gox, the fallen Bitcoin exchange that was once the toast of the virtual currency world, is reportedly ditching plans to rebuild itself under bankruptcy protection, in favor of company liquidation, the Wall Street Journal reports.

Update:An announcement from Mt. Gox has confirmed that it will not rehabilitate the company as was previously planned.

Interestingly, the Journal reports that a source close to Mt. Gox believes there is “still hope a buyer for the exchange could be found.” Such an eventuality would help investors, who stand to recoup less of their investments if Mt. Gox is liquidated, although the situation is far bleaker for the exchange’s customers.la

Screenshot 2014-04-16 13.28.31
Notifications on Mtgox.com as of April 16 2014

The site imploded in February when it disappeared offline with many users complaining of missing coins. Mt. Gox later confirmed that it had lost 750,000 Bitcoins, although — mysteriously — the company found 100,000 of the missing coins last month while the Journal reports that a further 100,000 have surfaced.

➤ Mt. Gox Files for Liquidation [The Wall Street Journal]

Thumbnail image via Antana/Flickr