Technology

Tuesday 22 July 2014

Bitcoin exchange blames hack theft for its losses

Published 03/03/2014|08:16

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Bitcoin exchange
Bitcoin exchange

The Tokyo bitcoin exchange which filed for bankruptcy protection has blamed theft through hacking for its losses and said it is looking into a criminal complaint.

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Mt Gox's chief executive, Mark Karpeles, posted the announcement on the company's website today, outlining the events that resulted in insolvency and saying there was a "high probability" that theft was behind the disappearance of bitcoins.

He said a huge number of transactions must be investigated, but efforts are under way to bring Mt Gox back into business to repay its debts.

Mr Karpeles has said 750,000 bitcoins from users and another 100,000 belonging to the company disappeared.

Mt Gox was unplugged last week as rumours of its insolvency swirled, adding to fears about bitcoins overall.

Mr Karpeles said illegal access in early February abused a bug in the computer system.

Press Association

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