Japanese government officials have still given few indications of what they think happened to the missing money. A Tokyo computer security company, WizSec, has published reports on its own private investigation of the money using the blockchain ledger on which all Bitcoin transactions are recorded. WizSec has said it appears that Bitcoins began disappearing from Mt. Gox back in 2011 and continued being transferred out of the exchange in small amounts over time. The researchers believe that the thief altered Mt. Gox’s internal records so that Mr. Karpeles did not realize the money was gone. “

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