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March 10, 2014 AT 3:39 PM
Mt. Gox, once the world's largest bitcoin exchange, filed for Chapter 11 bankruptcy protection in Dallas, a move that will temporarily put U.S. legal action on hold against the Japanese company. Gox sought Chapter 11-style bankruptcy protection in Tokyo, saying it had lost bitcoins and cash worth some half a billion dollars due to hacker attacks. Bitcoin isn’t tied to a government or central bank and it isn’t backed by a precious metal, like gold.