
Failed Bitcoin exchange MtGox is to be liquidated after a Japanese court ordered bankruptcy proceedings on Thursday, a lawyer appointed to carry out the process said. "(I) will implement the bankruptcy proceedings, in which the assets of the bankrupt entity will be managed and converted into cash," said a statement attributed to bankruptcy trustee Nobuaki Kobayashi on the exchange's website. "If funds for a distribution are secured, the liquidating distribution will be made." He added that a creditors' meeting will be held on July 23, but warned that there were no guarantees about how much money -- if any -- investors would get back. "The actual amount and value of Bitcoins and cash of the company will be investigated by the bankruptcy trustee with the cooperation of certain experts," the statement said. The ruling by the Tokyo District Court all but spells the end for a firm that at one time processed around 80 percent of global transactions in the virtual currency. Bitcoins are generated by complex chains of interactions among a huge network of computers around the planet and are not backed by any government or central bank. The MtGox exchange went dark in February, shortly after it blocked Bitcoin withdrawals, claiming there was a bug in the software that underpins the virtual currency, making it vulnerable to thieves. It filed for bankruptcy protection soon thereafter, admitting it had lost 850,000 coins which were worth nearly $500 million at the time. It made a similar filing in the United States in early March. Last week, the court named Kobayashi as provisional administrator, which meant the exchange's under-fire chief executive Mark Karpelesceded control of the company to him. Karpeles has reportedly refused to travel to the United States, where he was being asked to appear for questioning in connection with MtGox's collapse.
GMT 09:47 2018 Tuesday ,23 January
SAP unveils big push into French tech start-upsGMT 05:07 2018 Tuesday ,23 January
Noble Group shares surge 37 percent on buyout talksGMT 19:07 2018 Monday ,22 January
BAKS spent Dh225m on charity projects in 2017GMT 22:52 2018 Sunday ,21 January
French firm "recalls baby milk product"GMT 22:27 2018 Sunday ,21 January
US company plans funds that double bitcoin price movesGMT 21:23 2018 Sunday ,21 January
Pence starts Mideast tour in Egypt amid Arab angerGMT 08:54 2018 Saturday ,20 January
Million-euro bill for firm behind Paris bike-share chaosGMT 10:47 2018 Friday ,19 January
German chemical giant BASF sees 'significant' profit leap

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor