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Mt. Gox Revamp Rejected, Goes Into Administration

Japanese-based bitcoin exchange Mt. Gox has had its plans to rebuild the company rejected by a Tokyo court and has been placed into administration.

The exchange had originally filed for bankruptcy protection back in late February but documents published on the company’s site Wednesday showed it has been placed into administration and is expected to be ordered to commence bankruptcy proceedings.

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This article originally appeared on Recode.net.