Mt. Gox To Be Liquidated
It looks like Mt. Gox will not be given a chance to reorganize and emerge from bankruptcy. Japanese courts rejected the company’s application for rehabilitation. Instead, Mt. Gox will be liquidated with the proceeds being given to people who held their money in the exchange. Mt. Gox lost some $425 million dollars worth of Bitcoins. Initially the loss was believed to be even higher, however, but an unused wallet with some 200,000 Bitcoins in it was discovered.