“The U.S. Department of Homeland Security seized Mt. Gox assets of around $5 million kept in U.S. bank accounts around May 2013, saying it was ineligible to operate fund transfer services in the United States. The decision prompted clients in the United States to rush to withdraw money entrusted to Mt. Gox. By August that year, the company appears to have incurred several billion yen in losses, leading liabilities to surpass its assets and capital on its balance sheet. The police are also investigating whether Karpeles consolidated customer and corporate funds in a bank account held by the company and embezzled around ¥1.1 billion.”
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