Toyko-based Mt Gox files for bankruptcy protection as it reveals 850,000 bitcoins are unaccounted for following cyber attacks.

One of the world's largest bitcoin exchanges has filed for bankruptcy protection as it admitted hackers may have stolen all of its digital currency. Mt Gox has revealed 850,000 bitcoins worth about $480m (£286m) are unaccounted for following cyber attacks and said it has 127,000 creditors. Chief executive Mark Karpeles blamed a weakness in the exchange's computer system for the massive loss, which included 750,000 users' bitcoins and 100,000 of its own. Debts at the company of £38m dwarf its total assets of £22.5m. bMr Karpeles gave a grovelling apology in Japanese for the company's collapse, bowing in contrition and wearing a suit instead of his customary T-shirt at a news conference. "I am sorry for the troubles I have caused all the people," he said. However, he predicted the currency would continue to grow, claiming the industry is "healthy".....Read more here