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Mt Gox CEO charged with embezzling £1.7m worth of bitcoin

By Ilene
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Mt Gox CEO charged with embezzling £1.7m worth of bitcoin

By Alex Hernat at The Guardian

The former head of defunct bitcoin exchange Mt Gox, Mark Karpelès, has been charged with embezzlement by Japanese prosecutors, according to reports from the Japanese media.

Karpelès is alleged to have embezzled ¥321m (£1.7m) from the bitcoin exchange, which collapsed in 2014 after revelations of a massive shortfall in customer funds.

He is alleged to have transferred money from Gox’s bank account to other accounts in October 2013, where it was mainly spent on buying licenses for 3D-rendering software, according to Jiji Press. Some of the money was also allegedly used on an “expensive custom-built bed”, Jiji added.

Karpelès was arrested in August in connection with the loss of hundreds of millions of pounds worth of bitcoin when the exchange collapsed.

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