World News

Wednesday 20 August 2014

Bitcoin exchange in bankruptcy bid

Published 28/02/2014 | 10:52

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A weakness in the Bitcoin exchange's systems has been blamed for the massive loss of the virtual currency (AP)

The Mt Gox bitcoin exchange in Tokyo has filed for bankruptcy protection, acknowledging that a significant amount of the virtual currency had gone missing.

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The exchange's CEO Mark Karpeles appeared before Japanese TV news cameras today, bowing deeply for several minutes.

He said a weakness in the exchange's systems was behind the massive loss of the virtual currency.

Speaking in Japanese at a Tokyo court, he apologised for the troubles he had caused so many people.

Debts at Mt Gox totalled more than 6.5 billion yen (£39 million), surpassing its assets, said Kyodo news agency.

The exchange's unplugging this week drew renewed regulatory attention to a currency created in 2009 as a way to make transactions across borders without third parties such as banks.

Press Association

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