Bankruptcy proceedings have begun for Mt. Gox, a move that was widely expected after the Tokyo District Court decided earlier this month that the bitcoin exchange would not be able to resurrect itself.

An administrator will try to sell the company's assets, but many creditors, including those who had bitcoins with the exchange, might not get their money back.

After Mt. Gox went offline in February, its CEO said tens of thousands of bitcoins worth several hundred million dollars were unaccounted for.

Mt Gox has suggested the bitcoins were stolen. The company has not been able to confirm the bitcoin balances of its users.

Bitcoins, created in 2009, are used for transactions across borders without third parties such as banks and have become a popular investment.