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Executive arrested over disappearance of $390 million in Bitcoins

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sbhaven

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Executive arrested over disappearance of $390 million in Bitcoins
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Japanese police on Saturday arrested Mark Karpeles, head of the collapsed MtGox Bitcoin exchange, over the disappearance of about $390 (£250 million) worth of the virtual currency, local media said.

France-born Karpeles, 30, is suspected of having accessed the exchange's computer system 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.

Police did not immediately confirm Karpeles' arrest but local television footage showed authorities taking him into custody.

The exchange - which once boasted of handling around 80 percent of global Bitcoin transactions - filed for bankruptcy protection soon after the cyber-money went missing, admitting it had lost 850,000 coins worth 48 billion yen ($387 million at today's exchange rate).

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K. Soze

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What is the benefit of bitcoins.. i hear about them here and there..

Flatulence

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I am kinda shocked someone shady didn't get to him yet. People had to know he was going to get it from somewhere.
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CTSixshot

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Bitcoins seem to have their own Federal Reserve hierarchy (aka crooks), huh?
At least, an ounce of gold still weighs more than an ounce of coal...
Last Edit: August 02, 2015, 06:54:46 PM by CTSixshot

MrNuke

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Bitcoins seem to have their own Federal Reserve hierarchy (aka crooks), huh?
At least, an ounce of gold still weighs more than an ounce of coal...


Not for long if it keeps going down. LOL


Good time to buy Gold and Silver if you're not into Crypo Currencies though.  ;D
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CTSixshot

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I'm not smart enough to know where it will be next week, but just like the guys buying fuel oil...buy it while it's "on sale".
I know with 100% certainty, that if I buy Au today, it will take it's biggest one-day drop within 60 minutes after I purchase it. It will drop 50% or more and then it will take me a year or more to b/e.

ChrisK

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What is the benefit of bitcoins.. i hear about them here and there..


It can be a totally anonymous form of currency/commerce.  :teach: [size=78%]  Incidentally it has the chance to increase in value.[/size]

CTSixshot

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More headlines about bitcoin scams..
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...just throwing this link out there, but I can't attest to the contents validity or worth.

Here's plenty of other articles regarding bitcoin:
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MrNuke

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Crypto scams are a monthly occurence, if it's too good to be true with promises, it's usually a scam, also gotta keep off of exchanges for long term hodlings. I got caught up in an exit scam 3 years ago too, lost a ton, but oh well, it is what it is.
Last Edit: July 10, 2019, 08:52:05 AM by MrNuke
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