Mt Gox will start bankruptcy protection in the US

The Mt.Gox exchange, which is located in Tokyo, was approved by the US court in Tuesday to launch the bankruptcy protection process in the United States. The settlement agreement between the company and US users is now awaiting approval and will sell its business.

Mt.Gox was once the world's largest bitcoin exchange. Earlier this year, the company announced that its website would be forced to shut down because it lost about 850,000 bits in a hacker attack. At the time of the bitcoin price, the total value of the lost Bitcoin is more than 500 million dollars.

Mt.Gox later announced that it had recovered about 200,000 bits.

In March of this year, Mt.Gox filed for bankruptcy protection in the United States under relevant laws to avoid US users of a class action lawsuit from acquiring the company's assets in the US, such as computer servers, and demanding evidence from the company and its executives.

Since then, Mt.Gox has reached a settlement agreement with the plaintiff in the class action. The settlement agreement is still pending final approval by the Federal Court of Chicago.

The Dallas Bankruptcy Court Judge Stessie Gernigen (Stacey Jernigan) recognized Mt.Gox's application to U.S. bankruptcy protection laws. Under the agreement, Mt.Gox users in the US and Canada will distribute the company's recovered 200,000 bitcoin and earn 16.5% of the revenue after Mt.Gox is sold.

Quigley, a company backed by entrepreneur Block Piers (Brock Pierce) and venture capital William Quigley William Sunlot, has offered to buy Mt.Gox at a 1-bit price. This price is about 600 dollars.

The Sunlot acquisition of Mt.Gox needs to be approved by the Tokyo District Court, which is currently overseeing the Mt.Gox insolvency process.