Mt. Gox has filed for bankruptcy protection, confirms $473M worth of Bitcoins lost

Posted Feb 28, 2014

Mt. Gox used to be one of the largest Bitcoin exchange services, but now the company has filed for bankruptcy. Not only did Mt. Gox lose $473 million worth of Bitcoins, the company is also $63 million in debt. The news was confirmed by The Wall Street Journal.

Mt. Gox representatives said in a Tokyo District Court that the exchange lost around 750,000 customer Bitcoins and around 100,000 of their own. Mt. Gox used to handle around 80% of Bitcoin transactions.

?There was some weakness in the system, and the bitcoins have disappeared. I apologize for causing trouble,? stated Mt. Gox founder Mark Karpelès. Karpelès went into hiding as the website went down. Other Bitcoin companies said that they should not be judged based on Mt. Gox’s downward spiral. Karpelès resigned from the board of directors at the Bitcoin Foundation on sunday.