Mt Gox Ex-CEO Likely to Spend Next 10 Years Behind Bars
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Mt Gox Ex-CEO Likely to Spend Next 10 Years Behind Bars
The head of the collapsed cryptocurrency exchange Mt. Gox, Mark Karpeles, may be sentenced to ten years in jail, officials announced on Wednesday. As Nikkei Asian Review reported, Japanese prosecutors want a 10-year sentence for Karpeles on charges of embezzlement, data manipulation, and breach of trust.
During a hearing at the Tokyo District Court on Wednesday, prosecutors claimed that Karpeles stole a total of 340 million yen (nearly $3 million) from users’ accounts and transferred them to his own bank account between September and December, 2013.
Karpeles has allegedly used these funds for his own purposes, which include “investing in a software development business for personal interest”. Besides, he is accused of manipulating the exchnage’s trading data to inflate the balance.
Karpeles Pleads His Innocence
Karpeles, meantime, denies all the charges and pleaded his innocence during a hearing in July, 2017. “I swear to God I am not guilty,” he stated in Japanese.
The funds, according to Karpeles, were not stolen, but used as a temporary loan. The prosecutors, however, said there was no evidence to prove his claims: “There was no documentation of loans and there was no intention of paying back”.
Earlier this year, Karpeles apologized for the bankruptcy of the exchange, writing on Reddit: “When I took over Mt. Gox, I never imagined things would end this way and I am forever sorry for everything that’s taken place and all the effect it had on everyone involved.”
Mt. Gox Collapse
Once the largest bitcoin exchange, Mt. Gox was shut down in 2014 after announcing the loss of 850,000 bitcoins, worth around 48 billion yen at the time. Karpeles blamed the theft to a bug in the platform’s software that eventually led to a hacking attack.
He later announced that he found 200,000 BTC that were stored in a cold wallet and not moved since 2011. Karpeles, who is the citizen of France, was arrested in August, 2015, in Japan, where he is required to stay under condition of his bail.
This past June, the court issued an order to start civil rehabilitation for victims of the exchange’s bankruptcy. Mt Gox trustee, Nobuaki Kobayashi, was earlier looking to prolong the deadline for filing civil rehabilitation claims to December from the previous deadline for October.
He is currently managing the sales of the exchange’s stash of and needed to pay Mt. Gox’s creditors, who their lost money since 2017.
Karpeles is also facing a fraud lawsuit by one of Mt. Gox’s customers in Illinois. The defendants, however, asked the U.S. federal judge to dismiss it, explaining that he does not have enough ties in the state and does not have any business there.
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On today’s show I interview Joachim de Koning the founder of Internet of Coins.
The goal of Internet of Coins is to create a comprehensive environment for personal finance that gives everyone access to all of the world?’?s Digital value systems. The platform is designed to connect all cryptographic ledgers and to integrate all token systems into an interconnected web through an open source financial networking agent, called hybridd.
Joachim does a great job of explaining all aspects of Internet of coins and it was a genuine pleasure speaking with him! And good news listeners, yes there is a token native to their system! It’s called HYBRID. By the end of this interview the idea of owning some HYBRID of your very own will seem to make a lot of sense.
Even as many governments, including the EU, act to regulate the exchange of cryptocurrencies, de Koning’s Internet of Coins aims to deploy a decentralized autonomous system that can support trading without any trusted third party being regulated by a government.
Joachim’s team has been laying the groundwork for this platform for more than two years and in 2015 they received financial support from the SIDN Fund which was established by the independent non-profit foundation that manages the .nl domain in The Netherlands. The .nl domain happens to be the first country code top-level domain given to an organization outside of the U.S.
Today, after substantial development, the Internet of Coins team, has announced plans to hold a fundraising campaign to help pay for additional development and to kickstart the distribution of its native token called HYBRID. The crowd sale is scheduled to begin THIS Tuesday March 21st 2017 and will be supervised by the innovation fund of the Internet pioneer, NLnet Foundation, the country?’?s first Internet Service Provider that will act as the project?’?s financial and legal advisor.
In addition to being founder of Coinstorm and Internet of Coins, Joachim is CEO of the crypto and security company Metasync. He is also a developer for the NetAidKit, an open-source USB-powered router that protects online privacy, and was showcased at CCC. Next to that he is working on a system to counter large-scale DDOS attacks for Radically Open Security. He has extensive experience in financial markets, including foreign exchange, commodity trading, and automated accounting systems, and is an early adopter of blockchain technology and cryptocurrency.
CREDITS, ARTICLES AND VALUABLE LINKS:
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PRESS RELEASE 2017-03-07:
ENGLISH ARTICLES 2017-02-23: 2017-02-27: 2017-02-27: 2017-02-27: 2017-03-07: 2017-03-07: 2017-03-07: 2017-03-07:
MEDIA CONTACTS Company name: Internet of Coins Contact: info@internetofcoins.org Twitter: @internetofcoins Developer blog: Company site: Joachim de Koning: joachim@internetofcoins.org Robert de Groot: robert@internetofcoins.org Email: joachim@sheraga.net
TRANSCRIPTIONS:
Great news listeners! Our transcription page is now live on the website thanks to the continuing hard work of one of our loyal listeners who is also a consultant to the show.
Ode To Satoshi
Ode to Satoshi lyrics & melody by John Barrett Copyright 2014 RJM Publishing – BMI Nashville.
Lead Vocal, Harmony Vocals, Harmonica, Snare Drum: John Barrett Harmony vocals: John Barrett, Connie Sinclair and Lij Shaw Guitar: Jonathan Brown Mandolin: Ben Miller Bass Guitar: Michael Rinne
Initial tracks recorded by Mark Thornton of Sidekick Sound Studios, Madison, TN. All other tracks Recorded, Mixed and Mastered at The Toy Box Studio, Nashville, Tennessee Engineer: Lij Shaw. Assistant to engineer: Don “The Don” Bates Produced by John Barrett & Elijah “Lij” Shaw
Special thanks to Alan Baird for his dobro, guitar and mandolin playing on many of the shows. Now that?’?s some pickin man! Thanks also to Alex Munoz Guijarro for his excellent pedal steel playing on many of our shows.
Interviews for this episode were recorded and edited by John Barrett at The Tree House Studio – Nashville, Tennessee. All shows are produced by John Barrett with the moral support of his trusty sidekick Maxwell Rascalnikov CoyoTe Rex, aka Max.
And if you don’t feel like contacting me, just kick back, relax and enjoy the show.I hope you enjoy listening to my guests as much as I enjoy talking with them!
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