Cointerra, Bitcoin Company, Files to Liquidate in Bankruptcy
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The bitcoin mining company Cointerra Inc. filed to liquidate its assets under Chapter 7 of the U.S. Bankruptcy Code, following the bitcoin exchange Mt. Gox in declaring insolvency as the virtual currency falls in value.
The company listed assets and debt of as much as $50 million each in a Chapter 7 filing Saturday in U.S. Bankruptcy Court in Austin, Texas. No reason was given for the filing.