Mt. Gox founder arrested in Japan, former employee details police cooperation on Reddit

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The head of the failed Japan-based bitcoin exchange Mt. Gox was arrested in Tokyo on Saturday on suspicion of inflating his cash account by $1 million, authorities said.

Mark Karpeles, 30, is suspected of accessing the exchange’s computer system in February 2013 and inflating his account, Japanese police said. If found guilty, the France-born Karpeles could face up to five years in prison, or a fine of up to 500,000 yen ($4,000).

Karpeles’ lawyer said his client denies wrongdoing, the Kyodo News agency reported.

Mt. Gox went offline early last year. Karpeles said then that tens of thousands of bitcoins worth several hundred million dollars were unaccounted for, and suggested they were stolen by hacking. Read more…

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