` Tokyo Court Rules ` Mt Gox ‘ is Unable Repay their Creditors so an Administrator Should Sell all Assets ‘

#AceFinanceNews – TOKYO – April 16 – The Tokyo District Court decided Wednesday that Mt. Gox – the trading platform and storehouse for the bitcoin virtual currency – would not be able to resurrect itself under a business rehabilitation process submitted in February.

Many of its creditors are unlikely to get their money back and an administrator will try to sell the company’s assets.

The CEO of Mt. Gox, Mark Karpeles, said in February that 850,000 bitcoins, worth several million dollars, were unaccounted for and blamed a weakness in the exchange systems. Mt. Gox then found 200,000 bitcoins, stating that only 650,000 had been lost.

The exact amount that is still missing is under investigation, with Mt. Gox suggesting they may have been stolen.

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#bitcoin, #mt-gox, #tokyo