World Economy

Bitcoin Chief Arrested

Bitcoin Chief ArrestedBitcoin Chief Arrested

Japanese police have arrested the CEO of the failed company MtGox, which was once the world’s biggest exchange of the virtual currency, bitcoin, BBC reported. Mark Karpeles, 30, is being held in connection with the loss of bitcoins worth $387 million last February. He is suspected of having accessed the exchange’s computer system to falsify data on its outstanding balance. MtGox claimed it was caused by a bug but it later filed for bankruptcy. Japan’s Kyodo News said a lawyer acting on Karpeles’ behalf denied his client had done anything illegal. Karpeles, who was born in France, is suspected of benefiting to the tune of $1 million, the agency said.