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Claims of theft spark probe into Bitcoin bourse in Japan
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Japanese authorities were yesterday probing the troubled MtGox Bitcoin exchange after claims of a multi-million-dollar theft from its digital vaults, as US prosecutors reportedly served a subpoena on the company.
The moves came the day after the website of Tokyo-based MtGox went dark, possibly heralding huge losses for investors, and sending ripples of alarm throughout the global community of digital currency adopters.
“I understand that ministries and agencies concerned — financial services, police and the finance ministry — are looking into the matter to learn the full scope of the issue,” Japan’s Chief Cabinet Secretary Yoshihide Suga said.
“Once we have full knowledge of what happened, we will take action if necessary,” he said.
The comments, at a regular press conference, were the first government reaction to events at MtGox, which froze withdrawals earlier this month, claiming there was a bug in the software that underpins Bitcoin, making it vulnerable to thieves.
The value of the volatile unit plunged on the Tokyo exchange and was bobbling around US$130 on Tuesday, around a quarter of what it was fetching on other platforms, until the site suddenly disappeared at lunchtime.
Hours later, MtGox published a statement saying it had stopped all transactions “for the time being in order to protect the site and our users.”
A widely-shared document purporting to be a MtGox “crisis strategy” said the firm might have lost more than 744,400 Bitcoins in a theft that had gone unnoticed for years.
That number of Bitcoins would be worth more than US$400 million, using rates at functioning exchanges yesterday afternoon, where the Bitcoin was trading around US$570.
The figure would represent around 5 percent of all the Bitcoins in existence.
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