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Major BitCoin exchange MtGox taken down by Japanese court

MtGox, a Bitcoin exchange that at one point was among the world's largest, has been put into administration.

In February it announced that it had been badly hit by hackers, who had stolen hundreds of thousands of Bitcoins worth around £300 million.

Bitcoins are currently trading for around $500 (£297) per coin.

Though the firm has found a number of the coins it lost, and was hoping to put plans into place to pay back its customers, it has been appointed an administrator by a Japanese court.

Bankruptcy measures are more than likely to follow this announcement, the administrator wrote on the exchange's website. MtGox users will be asked to make any claims they have through the court system, though there currently is no deadline.

Related: MtGox files for bankruptcy protection

Customers can still check their balances on the site but have been advised in advance that this may not be the amount they receive following court proceedings.

The hackers who lifted so many coins from the exchange exploited a loophole in the software that oversaw the Bitcoin system. The administrator has told consumers that it will investigate the missing coins as part of its new role, according to the BBC.

MtGox's founder, Mark Karpeles, has refused to attend a hearing in the US over the collapse of the exchange. Despite this he has not been charged with any crimes.