Japan’s prosecutors have proposed a 10-year prison sentence for Mark Karpeles, the former chief executive officer of the now-bankrupt cryptocurrency exchange Mt.Gox, Nikkei Asian Review reported on Wednesday. The authorities are accusing Karpeles of embezzling 340 million yen (nearly $3 million) from the platform’s clients. Karpeles denies all charges.

Prosecutors claim that the ex-CEO took the money from the Mt.Gox accounts and was using the funds for business acquisitions and paying rents in the period of September-December 2013. Karpeles rejected those claims during a court hearing on Wednesday by saying that the money was given as a temporary loan. However, according to the judicial authorities, the former CEO betrayed his customers, because the exchange was o…

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