Home Bitcoin Exchange Mt. Gox Files For Bankruptcy Protection

Bitcoin Exchange Mt. Gox Files For Bankruptcy Protection

Mt. Gox, the world’s largest Bitcoin exchange, filed for bankruptcy protection on Friday after losing roughly $380 million worth of customers’ bitcoins.

This comes just days after CEO Mark Karpeles shared in an online chat that Mt. Gox hadn’t “given up.”

See also: The Mt. Gox Implosion Is Bitcoin’s First Financial Crisis

“There was some weakness in the system, and the bitcoins have disappeared. I apologize for causing trouble,” Karpeles told reporters at Tokyo District Court after the filing, the Wall Street Journal reported.

The company’s lawyer said at the conference that Mt. Gox had an outstanding debt of about $63.6 million, and only about half of that in assets. The company reported that it had lost roughly 100,000 of its own bitcoins, worth about $55 million, in addition to almost 750,000 customer bitcoins.

See also: Mt. Gox CEO Apparently Confirms Huge Bitcoin Loss

The price of bitcoin held steady on the news, consistent with the belief of many Bitcoin proponents that Mt. Gox’s problems reflected mismanagement and not deeper problems with the cryptocurrency. It continues to hover at $550 per bitcoin, according to Coindesk

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