Disgraced bitcoin exchange Mt. Gox is reportedly throwing in the towel when it comes to rebuilding their business, reports the Wall Street Journal.
This is according to people familiar with the situation, who note that a realistic plan for rehabilitation is just not feasible at this juncture. Meetings with creditors from around the globe is also incredibly difficult — which not surprisingly complicates the process of getting things back on track.
Should the request be approved by a Japanese court, a trustee shall be appointed to manage company assets. This will, of course, be someone other than Mark Karpeles, who served as the exchange’s CEO until its downfall earlier this year.
For the creditors involved, the liquidation of assets means they’ll be recovering less of their investment than if a buyer came along and repaired the business.
Of course, since the Mt. Gox debacle it’s difficult to imagine anyone would put trust in the exchange, which is is the community’s oldest and once-largest.
The exchange is said to have lost upwards of 700,000 bitcoins belonging to customers, but recently said they found 200,000 bitcoins in an old, non-active wallet.
The company has not responded to a request for comment on the matter.
[textmarker color=”C24000″]Source[/textmarker] Wall Street Journal