Bitcoin Exchange Mt. Gox Files for Bankruptcy Protection

Major bitcoin exchange Mt.Gox has lost nearly all the virtual currency held in its systems and has filed for bankruptcy protection at a Tokyo district court, lawyers for the company told a press conference Friday.

A lawyer for the embattled Japan-based company announced at a news conference at the court that the exchange was filing for Chapter 11-style protection and stated that Mt.Gox had outstanding debts of about 6.5 billion Japanese yen ($63.6 million), the Dow Jones news agency reported.

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This article originally appeared on Recode.net.

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