More Bad News From Mt.Gox: All Your Bitcoin Money Is Gone

The Mt.Gox saga just gets sadder and sadder. Not only did the company file for bankruptcy, but Mt.Gox CEO Mike Karpele went on Japanese TV a few minutes ago and admitted that everybody's money is gone. Gone, gone, gone.

How much money? According to one translation of the press conference: "The 750,000 bitcoins we kept for users, (37,000 million yen), almost all gone." That's over $424 million worth of 'coin. At least Karpele apologized.

Welp, add it to the list, I guess.

Mt. Gox Bitcoin Exchange Is Filing for Bankruptcy Protection

A lawyer representing Mt. Gox has announced that the bitcoin exchange is filing for bankruptcy protection, and that the company has outstanding debt of around $63.6 million.

The announcement was made at a news conference at the Tokyo District Court, reports the Wall Street Journal. Mt. Gox, which stopped bitcoin withdrawals in early February, stopped all transactions on Tuesday amid reports that 744,000 bitcoins had been stolen. [Wall Street Journal]