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Prosecutors propose 10-year prison term for Mt. Gox's former CEO

Indictment not linked to exchange's loss of $400 million worth of bitcoin

Mark Karpeles Mt. Gox
Mark Karpeles, the former CEO of Tokyo-based bitcoin exchange Mt. Gox, bows to reporters in a press room at a Tokyo court in 2014. (Photo by Ken Kobayashi)

TOKYO -- Prosecutors on Wednesday proposed a 10-year prison term for Mark Karpeles, the former CEO of Tokyo-based Mt. Gox, which at one time was the world's largest bitcoin exchange.

The prosecutors accuse Karpeles of embezzling about 340 million yen from accounts that Mt. Gox managed on behalf of clients, doing so in the final four months of 2013. The prosecutors also say Karpeles used the money for business acquisitions and paying rent.

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