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Former boss of Bitcoin Exchange got sentenced

2019-03-15 | 日記

Due to a data clutter, the Bitcoin Exchange Mt. Gox had to declare insolvency in 2014. Now her boss Mark Karpeles was convicted.

Mark Karpeles, the former head of the bankrupt Bitcoin exchange Mt. Gox, has been sentenced to a suspended sentence for document falsification. A Tokyo court found Karpeles guilty of tampering with company records. Infidelity allegations against Karpeles were dropped.

The basic idea behind Bitcoin, launched in 2009 during the financial crisis, is largely anonymous payments that operate independently of governments and banks. However, lack of regulation also creates considerable risks. Bitcoins are generated by complex computing processes on the computer. The cryptocurrency can be exchanged on online trading venues, but also in euros or dollars.

The Bitcoin Exchange Mt. Gox filed for bankruptcy in 2014, after 850,000 bitcoins had disappeared in the meantime, which at that time had a value of about 500 million US dollars. The 33-year-old Frenchman bought the online exchange platform Mt. Gox in 2011 and turned it into one of the key trading centers for bitcoins.

Karpeles, also known as the "Baron of Bitcoin," was under suspicion of being linked to the disappearance of bitcoins. According to the indictment, he is said to have repeatedly changed computer data between 2013 and 2015 in order to pay his own bills. Karpeles had protested his innocence. He apologized, however, for the incidents to happen under his supervision. Gox blamed a hacker attack for the disappearance of bitcoins. Later, 200,000 of the missing bitcoins were found by chance in an electronic purse. Gox and Mark Karpeles had previously been accused of lack of security measures and chaotic management.

Karpeles has abused the trust of users of Mt. Gox and exploited his knowledge as an IT engineer and his position, it is said in the judgment of the Tokyo court. However, the court freed him of the accusation of having embezzled millions.

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