Click to Skip Ad
Closing in...

If you buy through a BGR link, we may earn an affiliate commission, helping support our expert product labs.

One-time Bitcoin king Mt. Gox nears the end of the road

Published Apr 16th, 2014 9:15PM EDT
Mt. Gox Liquidation Filing

Sorry, Bitcoin fans: You’re never, ever, ever getting all your precious pieces of cryptocurrency back from Mt. Gox. The Wall Street Journal reports that Mt. Gox, the one-time Magic Card trading website that transformed itself into the world’s largest Bitcoin exchange before it collapsed earlier this year, has filed for liquidation.

This means that the exchange has completely given up any hopes of rebuilding itself while under bankruptcy protection and now its remaining assets will be sold off for cash. This also means that Mt. Gox’s creditors are likely to receive even less return on their investment in the exchange than they would have received under bankruptcy.

Although one of the Journal’s sources says Mt. Gox is still hoping that it can find a potential buyer for the exchange, it seems like a difficult sell since Mt. Gox’s brand is now so damaged among the Bitcoin community that any potential it has as a future place to trade cryptocurrencies is impossible to imagine.

Brad Reed
Brad Reed Staff Writer

Brad Reed has written about technology for over eight years at BGR.com and Network World. Prior to that, he wrote freelance stories for political publications such as AlterNet and the American Prospect. He has a Master's Degree in Business and Economics Journalism from Boston University.