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Updated 03:14 26/05/19

Former bitcoin exchange boss charged with embezzlement

By Adam Pike, News Editor

14 Sep 2015

Mark Karpeles, the former chief of the bitcoin exchange MtGox, has been found guilty of embezzlement by a Japanese court.

Karpeles was arrested in August for publishing fraudulent data on how many bitcoins the exchange was processing.

MtGox was shut down by Japanese authorities in 2014 after it was found £132 worth of bitcoins had gone missing. Prior to its closure MtGox was the world’s largest bitcoin exchange processing around 70% of all bitcoin transactions.

The former chief also faces charges he funnelled £1.7 million in bitcoins into companies he owned. A Japanese court placed MtGox into administration in April last year following its closure.

American authorities would also like to question the former chief, unsurprisingly Karpeles has refused to travel to the U.S.

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