Mt. Gox ordered to begin liquidation
Mt. Gox will start liquidating its assets after a Japanese bankruptcy court ruling earlier this week.
The Tokyo District Court determined that it would be difficult for the company to rehabilitate itself after the loss of hundreds of thousands of Bitcoins, which were worth up to $500 million, according to Reuters. The company filed for Chapter 15 bankruptcy in February in Tokyo, as well as in the U.S. in March.
A Japanese bankruptcy administrator noted in a court document that he would conduct an investigation into whether Mark Karpeles, Mt. Gox's CEO, was liable for the missing currency. Additionally, the document noted that a creditors' meeting will happen on July 23.
The cause of the Bitcoins' loss is still undetermined.