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Mt Gox bitcoin exchange insolvent six months before bankruptcy



Mt Gox ran out of cash six months before it declared bankruptcy, police
investigating the bitcoin exchange’s collapse have revealed.

Mark Karpelès, founder of the exchange, was arrested in Tokyo on Saturday
for manipulating Mt Gox accounts for personal profit. The latest accusations
leaked by police suggest that since the autumn of 2013, Mt Gox had been
insolvent and was paying back some clients with holdings at the exchange
with assets from other customers.

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After initially being arrested for inflating his account by $1 million, police
revealed Monday that they thought he had been involved in fraud at the
exchange

Originally appeared at: http://www.thetimes.co.uk/tto/business/industries/banking/article4517016.ece



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