HAPPENINGS CONTINUE: Mt. Gox Files for Liquidation, Defunct Bitcoin Exchange Gives Up On Plan to Reb - Polidicks

[quote]Defunct bitcoin exchange Mt. Gox has given up its plan to rebuild under bankruptcy protection and has asked a Tokyo court to allow it to be liquidated, people familiar with the situation said. These people cited as reasons the complexity of the procedure—including the difficulty of holding meetings with creditors spread around the world—as well as the lack of realistic rehabilitation plans for the Tokyo-based exchange. Mt. Gox, at one point the world's busiest bitcoin exchange, collapsed in February and said as it filed for bankruptcy protection in Tokyo on Feb. 28 that it had lost 850,000 bitcoin worth around half a billion dollars. Since then, about 200,000 bitcoin have been recovered and are part of the exchange's assets... ...Mt. Gox has blamed the loss of the bitcoin on a bug in the bitcoin software which left it open to hacking. It had also filed for Chapter 15 bankruptcy protection in Texas to stop customers who sued it in Illinois from targeting its U.S. bank accounts. In documents filed at a U.S. Bankruptcy Court in Dallas on Monday, Mr. Karpelès's lawyers said he recently received a subpoena to appear on Friday before the U.S. Department of Treasury's Financial Crimes Enforcement Network, an anti-money-laundering division. The division is closely watching virtual currencies like bitcoin and issued guidance on them about a year ago. Mr. Karpelès's lawyers said the subpoena from Treasury officials "did not specify topics for discussion," but said, "until such time as counsel is retained and has an opportunity to 'get up to speed' and advise Mr. Karpelès [on the Treasury subpoena], he is not willing to travel to the U.S." A Treasury spokesman declined to comment.... ...The Tokyo court is expected to make Mt. Gox's request to liquidate and any potential ruling public within the next two weeks. Mt. Gox and its lawyers are planning to announce the move later Wednesday, said one person familiar with the plan. Experts warned from the beginning that any rehabilitation process would be difficult because the company's 127,000 creditors, a majority of whom would have to approve a rehabilitation plan, are located all over the world. Several people familiar with the situation said last week that a consortium including technology entrepreneur Brock Pierce, a former child actor, offered a token payment of one bitcoin to buy the exchange. People involved in the negotiations said the Tokyo District Court, which has to approve any rehabilitation plan, and a court-appointed supervisor didn't like the Pierce proposal because it failed to offer the group's own money to fund reorganization efforts. It is unclear how either Mt. Gox's filing for liquidation or Mr. Karpelès's decision not to go to the U.S. will affect its request for U.S. bankruptcy protection under Chapter 15. U.S. bankruptcy Judge Stacey Jernigan didn't return a voice mail seeking comment.[/quote] [url]http://online.wsj.com/news/article_email/SB10001424052702303663604579504691512965308-lMyQjAxMTA0MDEwNTExNDUyWj[/url]

Time to start mining dogecoins until BTC starts to recover :v:

Dogecoin is just as dead, blackcoin is where its at yo

No it's all about buttcoin, it's a peer-to-peer butt with no central authority

no i say we start our own coin, call it facecoin

Wouldn't the next logical coin be litecoin. That's all I remember people talking about mining when BTC kept getting harder and harder to break blocks.

Why aren't you guys mining SuperMoney? [video=youtube;jBbLpxLglz0]http://www.youtube.com/watch?v=jBbLpxLglz0[/video]

Isracoin obviously, state sponsored cryptocoin for Israel, they even pre-mined it 10% to give to Israeli business owners (especially if you kicked a family out of their home for the location!) It's a great coin, promise.

how about JXZcoin the way it works is i have all the coin and none of you get any it sets right all the wrongs i can think of right now

I think peak bitcoin-comedy was hit at the initial demise of MtGox, this is just kind of cruel now