Tamil Diplomat

MtGox bitcoin chief Mark Karpeles arrested in Japan

Mark Karpeles, 30, is being held in connection with the loss of bitcoins worth $387m (£247m, €351m) 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.

In March 2014, a month after filing for bankruptcy, the firm said it had found 200,000 lost bitcoins.The firm said it found the bitcoins – worth around $116m – in an old digital wallet from 2011.That brings the total number of bitcoins the firm lost down to 650,000 from 850,000.

That total amounts to about 7% of all the bitcoins in existence.Bitcoin is a virtual currency built around a complicated cryptographic protocol and a global network of computers that oversees and verifies which coins have been spent by whom.(BBC-2015)