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 Tokyo bitcoin exchange files for bankruptcy

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Tokyo bitcoin exchange files for bankruptcy Vide
PostSubject: Tokyo bitcoin exchange files for bankruptcy   Tokyo bitcoin exchange files for bankruptcy Icon_minitimeFri Feb 28, 2014 6:29 am

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

Tokyo bitcoin exchange files for bankruptcy Japan%20Bitcoin%20.JPEG-0a6c5

The exchange’s CEO Mark Karpeles appeared before Japanese TV news cameras Friday, 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 apologized for the troubles he had caused so many people.

Kyodo News said debts at Mt. Gox totaled more than 6.5 billion yen ($65 million), surpassing its assets.

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.

http://www.washingtonpost.com/business/technology/japan-minister-calls-bitcoin-collapse-expected/2014/02/28/7309998a-a05c-11e3-878c-65222df220eb_story.html
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