Mark Karpeles has repeatedly denied criminal activity related to either the Mt. Gox hack or the alleged embezzlement of funds.
Mt. Gox was a cryptocurrency exchange based in Tokyo and had been providing about 70% of Bitcoin transactions worldwide before suffering a major cyber attack, which led to its bankruptcy. In 2011, the price of Bitcoin on the Mt. Gox exchange dropped to a record low of one cent due to a security breach. Then a sum of Bitcoins equalling more than $8,750,000 was transferred to the hackers’ accounts. The company continued operating, but due to suspect trading in 2014, the company eventually closed its website, all of its services and applied in court for bankruptcy protection. Mt. Gox is subject to numerous lawsuits from its customers because the debt owed to them still amounts to over $60 million. Mt.Gox’s latest news states that enough Bitcoins were sold to cover the claims of creditors.
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