The end of the road for MtGox: Japan charges Mark Karpeles for embezzlement

Almost two years have passed since ill-fated Japanese Bitcoin exchange MtGox bit the dust, and today, the final nail in the virtual coffin has been knocked in, as the Japanese authorities have charged Mark Karpeles with embezzlement following his arrest last month. Mr. Karpeles felt the long arm of the law in August when he […]

Almost two years have passed since ill-fated Japanese Bitcoin exchange MtGox bit the dust, and today, the final nail in the virtual coffin has been knocked in, as the Japanese authorities have charged Mark Karpeles with embezzlement following his arrest last month.

Mr. Karpeles felt the long arm of the law in August when he was arrested by police in Tokyo and detained. He Until its demise, Mr. Karpeles held the position of CEO of MtGox, and often operated online as MagicalTux, having established the digital currency business following his move to Japan six years ago from his native France.

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The charges that have been handed down to Mr. Karpeles today may lead to a jail sentence which could extend for quite some time as the gravity of the charges are severe indeed, concluding that he stole $2.7 million worth of Bitcoin deposits as well as transferring funds to several other companies which belonged to him over a two year period.

There is no indication of the outcome or of when the sentencing will take place as yet as the case continues.

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