Mt. Gox Files For Bankruptcy Protection

Bitcoin has had its fair share of limelight in the past as well as in recent times, so much so that there is a new Bitcoin ATM installed in the city state of Singapore. Well, it seemed that the Bitcoin exchange known as Mt. Gox was compromised earlier this week, without too much explanation given on what happened behind the scenes. Those who had plenty of trust in Bitcoin were certainly all shook up for sure, and plenty of questions arose, where among the others include the safety of customers’ coins in the exchange. These are not small questions, really, and they do demand and answer in reality. The Wall Street Journal has reported that Mt. Gox is filing for bankruptcy protection, where this bit of news hailed from one of Mt. Gox’s lawyers who spoke out at a news conference in Tokyo.

Apparently, Mt. Gox is currently running debts that amount to approximately ¥6.5 billion (which would be $63.6 million thereabouts after conversion). The Bitcoin exchange had been taken offline earlier this February after fears of fraudulent transactions being carried out started to make waves on the Internet, resulting in plenty of anxious Bitcoin investors as well as frustration. As to what this particular bankruptcy protection filing means for customers, it remains unclear.

Edwin Kee
Categories: Computers
Tags: bitcoin