The Tokyo police suspect that Mark Karpelès, the arrested former MtGox CEO, may have embezzled some of the funds of his collapsed exchange; a regulatory bureau for banks within the United States Department of the Treasury called for a “balanced” approach to Bitcoin regulation and more top stories for August 11.
Tokyo Police Suspects Karpelès Embezzled Funds
Tokyo police are investigating the alleged massive outflows of customer money from the collapsed bitcoin exchange MtGox, suspecting that Mark Karpelès, the arrested former CEO, may have embezzled some of the funds. According to investigative sources, there is reason to believe that Karpelès manipulated the exchange rate, and used most of the money he acquired through this manipulation to buy bitcoins. Karpelès has denied manipulating the currency, claiming he only tested depositing and other procedures after system changes.
US Bank Regulator Calls for Balanced Bitcoin Oversight
The head of the Office of the Comptroller of the Currency (OCC), a regulatory bureau for banks within the United States Department of the Treasury, has called for a balanced approach to regulation governing financial technology development in the United States, citing bitcoin as one such example.
OCC Comptroller Thomas Curry stated:
“As the industry continues to innovate, it’s