You mean insiders are getting around the stringent internal controls of these Bitcoin yahoos? Color me shocked.
Japan 'charges MtGox baron Mark Karpeles with BTC embezzlement'
Former MtGox CEO Mark Karpeles has been formally charged with embezzlement by prosecutors in Tokyo, it is reported. Japan's public prosecutor brought the charges against French-born Karpeles on Friday, we're told. The Bitcoin exchange boss was arrested in August. According to the AFP newswire, Karpeles will now have the right …
COMMENTS
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Saturday 12th September 2015 11:16 GMT Anonymous Coward
Re: Another Speculative Venture.
You've just invented assassination markets. (congrats?) There used to be one or two of these floating around the deep web, but I think they disappeared. The concept was that people would bet on the date someone was going to die, winner takes all. And of course surest way to know what date someone will die is to arrange it yourself, so the more people bet on it, the more tempting it will be.
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Saturday 12th September 2015 14:07 GMT Turtle
Re: Assassination Markets.
"You've just invented assassination markets."
I seem to recall that it was some sort of market that DARPA was running which was actually meant to predict the future by getting the opinions of experts on a subject to put their expertise where their mouths are and put some money on their expected outcome.
When the project became public knowledge (not that it was a secret project in the first place) DARPA had to shut it down.
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Saturday 12th September 2015 11:15 GMT jonathanb
The FT http://www.ft.com/cms/s/0/84311a60-5868-11e5-9846-de406ccb37f2.html#axzz3lTnpGcbW [paywalled link] has more information. He claims the money was used for legitimate business expenses, however I'm pretty sure client funds should not be used for business expenses, legitimate or otherwise.
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Sunday 13th September 2015 14:45 GMT defiler
Indeed, under UK financial regs (FCA), client funds must be ringfenced and are not to be used as operating capital. And having been in a place where there were rumours of that, it's taken very seriously. If you have knowledge (or even a strong suspicion) that it's going on and don't report it then you can be held culpable too.
Sometimes regulated financial markets are a jolly good thing.
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Saturday 12th September 2015 12:59 GMT Anonymous Coward
Mt. Gox was a card game trading site before they got into the Bitcoin stealing business (MTGOX = Magic The Gathering Online eXchange). Why did anyone trust them with their money? I bet they stole trading cards too.
And isn't the purpose of cryptocurrency for it to be decentralized anyway, meaning no central exchanges/banks in the first place?