HomeBitcoin NewsMark Karpeles Alleged to Have Spent a Portion of Embezzled Funds on...

Mark Karpeles Alleged to Have Spent a Portion of Embezzled Funds on Prostitutes


Related stories

BTC Can Hit $100,000 Soon and $150,000 If Trump Wins, Predicts Standard Chartered

Standard Chartered, the British financial institution, claims bitcoin can...

The Mt Gox case doesn’t seem to fade away as new revelations come out at regular intervals, right at the time when it starts fading in the memory of news readers. Mark Karpeles, the former CEO of now defunct Mt Gox bitcoin exchange is back in the news as he faces fresh embezzlement charges. The Japanese media has carried reports that Mark Karpeles had allegedly spent some of the money stolen from Mt Gox on prostitutes.

Some of the news publications have carried reports citing police sources that Mark Karpeles had allegedly spent an unspecified amount on prostitutes. He is said to have involved himself with several women at different venues that are known to offer sexual services. The new charge will be an addition to the growing list of charges he is currently facing in Japan. The Tokyo police had earlier arrested Mark Karpeles on multiple occasions during the course of investigation into Mt Gox scandal.  While investigation they came across evidence of Mark’s role in embezzlement of funds belonging to Mt Gox users.

Currently Mark Karpeles is facing charges for embezzlement and fraud over the disappearance of hundreds of millions of dollars in bitcoin that were in possession of Mt Gox bitcoin exchange, which he was in charge of. He was first arrested in August for allegedly tampering with Mt Gox’ data, falsifying the actual bitcoin balance held by the exchange. He later went on to transfer funds from Mt Gox account to various bank accounts belonging to companies he owned.

READ MORE: Mark Karpeles Finally Charged by Japanese Authorities

Mt Gox, located in Japan was one of the largest bitcoin exchanges in the world which was handling close to 80 percent of all the bitcoin transactions. The company had claimed that it was hacked and hackers took advantage of a bug in the system to steal an undisclosed amount of bitcoins from the exchange. Later, Mark Karpeles came forward and claimed that he found a cold wallet containing over 200000 bitcoins.

I see, I think and I do... passionate about digital currency, start-ups and social good. I believe that if you mix them right, you can change the world. Find me @gautham_n on twitter or /gautham,nm on facebook


- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories