• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
Nexo

Mark Karpeles, Mt. Gox Head, Charged with Embezzlement by Japanese Govt

Deepak Tiwari by Deepak Tiwari
7 years ago
in Bitcoin, Bitcoin Breaking News Brief, Bitcoin Security, Breaking Bitcoin News, Breaking News, Companies, Markets and Prices, News, News teaser, Trending
2

France-born Mark Karpeles, the head of collapsed Bitcoin exchange MtGox, is in deep legal trouble after Japanese prosecutors charged him with embezzlement. Karpeles faces charges of fraud over the disappearance of hundreds of millions of dollars in Bitcoin that belonged to Gox traders.

Also read: Mark Karpeles Arrested in Japan on Suspicion of Fraudulent System Manipulation

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Interestingly, a report says that the bankruptcy claims against Gox have added up to be six times the market cap of Bitcoin itself. The amount of all the bankruptcy claims filed by over 24,000 creditors is found to be ¥2.66 trillion, which translates to $22.09 billion USD. Bankruptcy claims filed by Gox’s top three creditors alone make 95% of the total claims.

What are Embezzlement Charges?

bitcoin_mt_goxFrom the outset, it appeared as though Karpeles was involved in embezzlement, where he dishonestly withheld investments from customers that trusted Mt. Gox. If Karpeles did embezzle funds from Gox, not only would he have breached customer trust, but he would have also methodically engaged in a premeditated crime. If Karpeles is indeed guilty of this crime, it would mean that he took precautions to conceal his criminal activities.

Japanese prosecutors that Karpeles falsified data and pocketed millions of dollars in Bitcoin deposits. Early in 2014, Gox had to cease operations after 850,000  — valued at around $480 million at the time — disappeared from its digital vaults. In the days preceding its collapse, Mt. Gox was the leading Bitcoin exchange, with 80% of global Bitcoin transactions running through the exchange.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

However, given Karpeles’ charges, it may be the case that the lost coins — and Gox’s subsequent collapse and bankruptcy — are the result of systematic embezzlement. WizSec attempted to confirm as much earlier in an early 2015 study it conducted on the Gox collapse was even confirmed by the WizSec study. WizSec concluded that the majority of the missing Gox coins were stolen by someone on the inside. The report was in consonance with the earlier finding by Yomiuri Shimbun that the coins were lost due to fraud rather than an external hack.

Japan has High Rate of Conviction, Tough Luck Mark Karpeles

Mark Karpeles has been in custody for six weeks, and now faces potential incarceration for more than ten years. Interestingly, the proportion of prosecuted cases going to trial in Japan have a high success rate. Japan has a low rate of acquittals and high rate of convictions. Thus, given Japan’s track-record, Karpeles may have ran up against some tough luck.

Does Mark Karpeles deserve to go to prison? Let us know in the comments below!

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Deepak Tiwari

Deepak Tiwari

Deepak Tiwari, though a lawyer, working as a journalist for six+ years now. An avid Bitcoin supporter, he currently writes on Bitcoin and other crypto-currencies for Bitcoinist.net, a portal that offers exclusive news and reviews for readers, traders and brokers. His other specialties/interests include writing on law & governance, finance, internet marketing, careers, politics, international relations & diplomacy, etc. Follow Deepak Tiwari in Twitter

Related Posts

North Korean Hackers

North Korean Hackers Suspected Of Perpetrating $100 Million Harmony Attack

4 hours ago
Oslo Freedom Forum, Fode Diop on stage

3 Lessons From The Oslo Freedom Forum: Why BTC? Nabourema, Likhachevskiy, Diop

11 hours ago
National Agency of Prospective Projects (NAPP) In Uzbekistan Green Lights BTC Miners

National Agency of Prospective Projects (NAPP) In Uzbekistan Green Lights BTC Miners

17 hours ago
Short bitcoin

ProShares Short ETF Becomes Second-Largest Bitcoin Fund In Record Time

18 hours ago
bitcoin etf sec iStock-1087330672

Why The SEC Will Reject Grayscale’s Bitcoin Linked Spot ETF

19 hours ago
Bitcoin ASIC Miners

Bitcoin ASIC Miners Plummet To Lowest Price Since Jan 2021

22 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.