Business

Major Bitcoin exchange said to be insolvent

By Raphael Satter
Published February 25, 2014 5:00am ET
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Major Bitcoin exchange said to be insolvent
Bitcoin trader Kolin Burges, right, of London and American Aaron (only his first name was given) hold protest signs as they conduct a sit-in in front of the office tower housing Mt. Gox in Tokyo Tuesday. (AP/Kaori Hitomi) | Kaori HItomi

TOKYO (AP) — One of the world’s largest bitcoin exchanges has seemingly disappeared, delivering a severe blow to the virtual currency as it struggles to gain legitimacy.

A coalition of virtual currency companies said Tuesday that Tokyo-based Mt. Gox went under after secretly racking up catastrophic losses.

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