Mt.Gox Files for Bankruptcy as 850,000 Bitcoins Remain Missing

After halting withdrawals for a month upon discovering a security flaw in its computer systems, MtGox announced almost $425 million worth of Bitcoins are missing.

Author:: Brittany Umar
Publish date:: Feb 28, 2014 4:07 PM EST

Tokyo-based Bitcoin exchange MtGox has filed for bankruptcy protection as 850,000 Bitcoins have gone missing. After halting withdrawals for a month upon discovering a security flaw in its computer systems, MtGox released a statement indicating the company is considering filing a criminal complaint as it believes there's a high likelihood the Bitcoins were stolen. About 750,000 Bitcoins from MtGox customers as well as 100,000 of the company's own Bitcoins are missing - worth about $425 million.

Brittany joined TheStreet.com TV in November 2006 after completing a degree in Journalism and Media Studies at Rutgers College. Previously, Brittany interned at the local ABC affiliate in New York City WABC-TV 7 where she helped research and produce On Your Side, a popular consumer advocacy segment.