Citing sources close to the situation, Mochizuki and Stech report Gox has in effect given up hope of restarting operations in a Chapter 11-style reboot. Any creditors will now recoup less of their investment, the pair write, though they add that Gox retains some hope of a last-minute fire sale. Last week, the Journal reported that a group led by Brock Pierce, a former child actor, had expressed interest in bailing out the exchange.
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In February, the exchange, once the world's largest, claimed that 850,000 Bitcoins had gone missing. In a new note posted on its website, Gox said that after a month-and-a-half investigation into the disappearance of the funds, Japanese authorities had determined that plans for "civil rehabilitation" under Japanese bankruptcy statutes "appear difficult," though did provide more details.
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