Tuesday, July 11, 2017

How a card trading site became the center of an Bitcoin embezzlement scandal

This week, Mark Karpeles, the CEO of Bitcoin trading site Mt Gox pleaded not guilty on charges of embezzlement. Once the world’s biggest Bitcoin exchange, Mt Gox fell from grace following the loss of hundreds of millions of dollars in one of the biggest cryptocurrency scandals to date. But the name now associated with the scandal has a quirky history. Founded by Jed McCaleb sometime in the 00s, Mt Gox began life as an site for Magic: The Gathering Online fans to exchange cards. The name of the site comes from an acronym for “Magic: The Gathering Online eXchange.” The site went…

This story continues at The Next Web

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