Mark Karpeles, chief executive of defunct bitcoin exchange Mt Gox, rides in a car as he arrives at Tokyo District Court for a trial on charges of embezzlement in Tokyo, Japan, July 11, 2017. REUTERS/Toru Hanai
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The 32-year-old chief executive of defunct Mt. Gox 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.Mt. Gox once handled 80 percent of the world's bitcoin trades but filed for bankruptcy in 2014 after losing some 850,000 bitcoins -- then worth around half a billion U.S. dollars -- and $28 million in cash from its Japanese bank accounts.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.The value of bitcoin is highly volatile.
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