Bitcoin exchange MtGox files for US bankruptcy protection Monday March 10,2014

The troubled Bitcoin exchange MtGox filed for protection under US bankruptcy law on Monday March 10,2014, 10 days after doing the same in Japan after a huge loss of the digital currency(filed for bankruptcy on February 28,2014 in Japan)

The Japanese firm is now protected temporarily under Chapter 15 of US bankruptcy law for foreign firms.

A bankruptcy court in Dallas, Texas accepted the request and will make a definitive ruling in April 2014
Chapter 15 protects assets in the US of foreign firms facing insolvency procedures in their home countries.

Besides protection of its assets, the exchange has requested the suspension of actions in the US that jeopardize its efforts to restructure abroad, it said in its court filing.

MtGox faces a class action lawsuit filed February 27,2014 in Illinois by an American named Gregory Greene. He cited deceitful and illegal actions by MtGox