Japan to investigate Mt Gox closure

Tokyo authorities ‘gathering information’ on shutdown of world’s largest bitcoin exchange

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Japan to investigate Mt Gox closure Mt Gox is the world’s largest exchange for virtual currency bitcoin. (Getty Images)
By  Stephen McBride Published  February 26, 2014

Japanese officials are investigating the circumstances behind yesterday's closure of Tokyo-based Mt Gox, the world's largest bitcoin exchange, according to a report from Reuters.

"At this stage the relevant financial authorities, the police, the Finance Ministry and others are gathering information on the case," Chief Cabinet Secretary Yoshihide Suga told media.

Mt Gox went offline without warning and company executive could not be reached for comment. A statement later appeared on the exchange's website saying it had suspended "all transactions for the time being in order to protect the site and our users."

Mt. Gox CEO Mark Karpeles resigned from the board of the Bitcoin Foundation on Monday as concern mounted surrounding a bug in the software that runs the virtual currency. The flaw had previously allowed transactions to be duplicated and become unreliable.

"We should have an official announcement ready soon-ish," Karpeles told Reuters in an email. "We are currently at a turning point for the business. I can't tell much more for now as this also involves other parties."

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