Once the world’s largest Bitcoin exchange, Mt. Gox has filed for bankruptcy in Tokyo District Court in Japan.
It said it lost 750,000 Bitcoins belonging to users and 100,000 of its own valued at $473 million.
The company had debt exceeding its assets by about $2.6 million. Revenue was just $1.3 million in the year ended March.
The failure is focusing intense attention on the digital currency’s risks. The regulation of Bitcoin, let alone derivatives of it, is an unresolved issue among many government agencies across the globe.
Do you think this is the tip of the iceberg? Or, just a bump in the road?