Mt.Gox, a Bitcoin trading platform that has entered the bankruptcy protection program, has abandoned the option of rebuilding

Absrtact: Sources said in Wednesday that the Bitcoin trading platform, which had entered the bankruptcy protection process, had abandoned the Mt.Gox and asked the Tokyo court to allow liquidation. The reason for this, said Mt. Gox, is that the process of rebuilding the company is complex-including the call for full

Mt.Gox, a Bitcoin trading platform that has entered the bankruptcy protection process, has abandoned the option of rebuilding, asking the Tokyo court to allow liquidation, sources said in Wednesday.

The reason for this, said Mt. Gox, is that the process of rebuilding the company is complicated-including the difficulties of convening global creditors and the lack of viable reconstruction plans. Mt. Gox was once the world's busiest bitcoin exchange. The exchange suddenly closed this February and filed for bankruptcy protection in Tokyo on February 28, when it said it had lost 850,000 Bitcoin, worth about $500 million. Since then, about 200,000 bits have been recovered and have been counted in Mt. Gox assets.

In bankruptcy cases, for creditors, liquidation usually means a small portion of the compensation for the investment. But familiar with Mt. Gox sources said the exchange still had hopes of finding a buyer, a result that would mean that creditors would be able to secure a portion of their future income.

If Mt. Gox's request was approved by the Court, and the court would appoint a trustee from Mt. Gox chief Executive Mark Capelles (Mark Karpelès) took over the management of the company's assets. A spokesman for Mt. Gox and the Tokyo Court had not commented on the report so far.

Before the Tokyo court was asked to allow liquidation, Gox's lawyer, a federal judge in the United States this week, said Capelles himself would not take part in the Thursday U.S. trial and answer Mt. Gox in the U.S. bankruptcy case. Because of Mt. Gox's Bitcoin software has holes in it, causing a massive hacking attack on the company's network, most of which was stolen by hackers. Mt.Gox filed a Chapter 15 filing for bankruptcy protection in the United States last month, a special filing for bankruptcy protection applied to multinational bankruptcy cases.

"Capelles himself is currently looking for a legal adviser to handle subpoenas from the Financial Crimes Enforcement Network (FinCEN) of the U.S. Treasury," Capelles's acting lawyer said in a document to US federal judges. Capelles will not go to the United States to answer questions before finding a consultant and getting advice. FinCEN issued a summons to ask Capelles to go to the United States to answer questions about the company's filing for bankruptcy protection. Capelles's attorney, Monday, also asked the court to put Mt. Gox bankruptcy testimony was postponed to May 5 this year, but said there is still no guarantee that Capelles will testify in court. So far, the U.S. Treasury Department has not commented on the report.

In May this year, U.S. homeland Security seized an account of Mt.Gox, freezing more than 2.9 million dollars because the account was suspected of money laundering. Because of this, Mt. Gox was deprived of a licence to carry out a transfer business in the United States last July.

The source said that although Capelles would not be accused of committing crimes in the United States, Mt. Gox's lawyer remains concerned that if he travels to the United States, he may be detained for the same reason as Mt. The fraud allegations of Gox closures are linked, or are being made to Mt. Gox is investigating whether there is a link between the online market for illicit drug trafficking silk M.I..

In a report last November, the Department of Homeland Security noted that Mt. Gox to an internet-based hidden black market, which included silk M.I. in one months. According to the familiar Mt. Gox sources said the exchange had been trying to remove potential silk M.I. users from customers.

The Tokyo court may respond to Mt.Gox's liquidation within the next two weeks, sources said. Sources said Mt.Gox and his lawyers planned to announce the news officially later in Wednesday.