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

    Wochit Headline News

    by Wochit Headline News

    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.