A Tokyo court has denied Mt. Gox’s application to revive the embattled Bitcoin exchange, and the company has been handed over to a court-appointed administrator as it attempts to deal with its bankruptcy protection case.
“There are no prospects for the restart of the business,” wrote CEO Mark Karpeles in a statement posted to the company’s website on Wednesday.
Mt. Gox asked the court to begin civil rehabilitation in late February 2014.
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