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Bitcoin Exchange files for Bankruptcy Protection in U.S.

The case is Mt. Gox Co Ltd, U.S. Bankruptcy Court, Northern District of Texas, No. 14-31229.

Mt. Gox, at one time the world’s largest bitcoin exchange, received U.S. bankruptcy protection on Monday to temporarily stop U.S. legal action against the Japanese company by traders who allege the operation was a fraud.

Judge Harlin Hale in Dallas granted temporary bankruptcy protection to Mt.Gox, which had filed for bankruptcy protection in Japan in February. Mt.Gox filed for bankruptcy in Japan last month after it said it may have lost 750,000 of its customers’ bitcoins as part of an attack by hackers.

The Chapter 15 filing allows Mt.Gox to ask the U.S. Bankruptcy Court to recognize its foreign bankruptcy and to assist in the Japanese proceedings by protecting its U.S.-based assets. Judge Hale’s order protects Mt.Gox’s U.S. assets until April, when the parties will return to court and Mt.Gox will seek a permanent stay of U.S. litigation.

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