Mark Karpeles, founder of the failed MtGox bitcoin exchange arrives at Tokyo District Court on Tuesday, July 17. (Photo Reuters)TOKYO - The CEO of insolvent MtGox Co pleaded not guilty on Tuesday to charges relating to the loss of hundreds of millions of dollars worth of bitcoins and cash from what was once the world's biggest bitcoin exchange. In its bankruptcy filing, Tokyo-based MtGox blamed hackers for the lost bitcoins, pointing to a software security flaw. The collapse of MtGox represented a major setback for bitcoin and badly damaged the image of virtual currencies, particularly among risk-averse Japanese investors and corporations. But the bankruptcy also prompted Japan's government to decide how to treat bitcoin, and preceded a push by local regulators to licence virtual currency exchanges.

Source: Bangkok Post July 11, 2017 04:18 UTC