Mt. Gox Has 'No Prospects' to Revive Bitcoin Exchange

Mt. Gox Co., the bitcoin exchange that collapsed in February, gave up on a plan to revive itself, dealing a setback to creditors seeking the recovery of hundreds of millions of dollars in the virtual currency

"There are no prospects for the restart of the business," Chief Executive Officer Mark Karpeles said in a statement on the company's website. The Tokyo District Court dismissed the application for civil rehabilitation Wednesday and appointed an administrator of the company's assets in place of Karpeles

Mt. Gox, based in Tokyo, filed for bankruptcy protection on Feb. 28, saying it lost 850,000 bitcoins then worth about $500 million. It has since recovered about 200,000. The collapse roiled the bitcoin market, which has also faced recent hurdles such as China banning banks from dealing in the digital assets and the U.S. government's decision to tax them Read more...