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    Bitcoin Exchange Mt. Gox Files For U.S. Bankruptcy Protection

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    Wochit Headline News

    by Wochit Headline News

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    Mt. Gox, once the world's largest bitcoin exchange, filed for Chapter 11 bankruptcy protection in Dallas, a move that will temporarily put U.S. legal action on hold against the Japanese company. Gox sought Chapter 11-style bankruptcy protection in Tokyo, saying it had lost bitcoins and cash worth some half a billion dollars due to hacker attacks. Bitcoin isn’t tied to a government or central bank and it isn’t backed by a precious metal, like gold.