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Japan police arrest MtGox CEO over loss of bitcoins

Scorpio

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#1
Japan police arrest MtGox CEO over loss of bitcoins: media

Tokyo (AFP) - Japanese police on Saturday arrested Mark Karpeles, CEO of the collapsed MtGox bitcoin exchange, over the loss of nearly $390 million worth of the virtual currency, local media said.

Karpeles, 30, is suspected of having accessed the computer system of the exchange and falsifying data on its outstanding balance, Kyodo News and public broadcaster NHK said.

The global virtual currency community was shaken by the shuttering of MtGox, which froze withdrawals in February 2014 because of what the firm said was a bug in the software underpinning Bitcoin that allowed hackers to pilfer them.

The exchange filed for bankruptcy protection soon after, admitting it had lost 850,000 coins worth 48 billion yen ($387 million) at the time.

Karpeles later said he had found some 200,000 of the lost bitcoins in a "cold wallet" -- a storage device such as a memory stick that is not connected to other computers.

Bitcoins are generated by complex chains of interactions among a huge network of computers around the planet and are not backed by any government or central bank.

Immediate confirmation from police was not available.

http://news.yahoo.com/japan-police-arrest-mtgox-ceo-over-loss-bitcoins-234541269.html
 

the_shootist

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#2
Which is why I won't be put my wealth in virtual money. There's no difference in the risk of the numbers on my screen representing bitcoins or a balance in a bank account. If I can't touch it I don't own it
 

solarion

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#5
Sweet, hope they fry the crook.

Bring on the inevitable rants about how the virtual currency itself is to blame because some guy stole it. Weird that people don't blame the dollar when a bank gets robbed. People get corzined out of billions and it's not the fault of the USD.
 

Argentsum

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#6
Really doesn't matter if its cash, bitcoins, or precious metals. Once you start playing at a certain level you best be holding the chips.
 

Goldhedge

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#7
So, it appears that Bitcoin truly is money...
 

solarion

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#8
So, it appears that Bitcoin truly is money...
Not sure if the Japanese authorities consider it money/currency, or property.

I believe the IRS gangsters consider it "property" currently. It's not nothing though...at least for purposes of legalized extortion, otherwise known as taxation.