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Tokyo Police Launch Formal Mt. Gox Investigation Over Missing Bitcoin

By Jonathan Keane Email | 30 July 2014 at 3:48 pm CET | No Comments

We’ve covered the embattled bitcoin exchange Mt. Gox in the past and the infamous missing coins but now the Tokyo Metropolitan Police have launched an official investigation into the incident several months later.

mt. gox

Photo: Atana / Flickr

Alleged hacking attacks in February led to the exchange, headed up by chief executive Mark Karpeles, losing 850,000 bitcoins valued at around half a billion dollars.

According to the Wall Street Journal, the police suspect that 27,000 of these coins were illegally removed from Mt. Gox’s systems.

“We decided to launch an investigation as we concluded this case could be connected to criminal activity,” a spokesman for the police department said.

Last week creditors from the exchange met with Karpeles in Tokyo but came to little resolution on how the vast amount of crypto-currency went missing and how it should be addressed.

Toshiya Takahashi stated on what went down on at the meeting: “The [creditors] meeting was designed to discuss the bankruptcy process itself and they separated that from what happened to Bitcoin. What people wanted to know was what happened and why.”

“I felt that they didn’t give out the answers they should have done,” said another investor.

Currently it remains unclear the shape and form that the investigation will take but Mt. Gox’s court appointed trustee said it will likely take “a considerable amount of time”.

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