Topic: [2016-07-19] Bitcoin`s Mt Gox CEO Granted Bail in Japan (Read 217 times)

The Bitcoin has transformed the online gambling industry in a very fundamental way by introducing a currency that did not have ties to any major financial institutions. The virtual money has had an interesting history that is worth a look at before a punter decides to use the crypto coinage.

A recent article elaborates on the history of Bitcoin explaining how Tokyo Japan headquartered Mt. Gox was once the world’s largest bitcoin exchange platform until it filed for bankruptcy in 2014. The exchange claimed it had lost 850,000 of its bitcoins, which were worth more than $450 million at the time. It claimed hackers exploited the site’s “transactional malleability.”

The Japanese government after the Mt Gox fiasco became more aware about the need to regulate the growing use of digital currencies. The virtual coinage has gained the attention of established Japanese companies some of which were considering the possibility of a society without cash.

Japanese media outlets revealed recently that the former CEO of the now defunct Mt. Gox bitcoin exchange Mark Karpeles has been granted bail after almost a year in jail by the Tokyo District Court when he came up with the set bail of ¥10 million ($94,500 USD.)

The French national Karpeles, who is 31, made international headlines in August of 2015, when he was arrested in Tokyo on charges of unlawfully extracting and accessing private records. Police said Karpeles went into the Mt Gox`s exchange U.S.hosted trading platform in 2013 and altered the data in his personal account two times. Japanese authorities also gave Karpeles additional charges of embezzlement and said that Karpeles’ used the funds for personal expenses.

Mr. Karpeles isn’t going anywhere for now at least. The bail conditions set by the courts revealed that the young French national is required to remain in the country until he goes to trial in Japanese court for his alleged crimes.

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