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Former Mt. Gox CEO Mark Karpeles Charged With Embezzlement

The collapse of one of the largest bitcoin exchanges Mt. Gox last year almost put an end to the virtual currency. According to reports, Japanese prosecutors have now formally charge for Mt. Gox CEO Mark Karpeles with embezzlement.

Karpeles was arrested in August for what Japanese authorities claim was the misuse of clients’ deposits and allegedly creating $1 million worth of fake bitcoins.

The victims of Mt. Gox have no real chance of getting their money back but thy have still made clams for around $22 billion against Mt. Gox. One of the reasons that they will not be able to retrieve their money is that a Tokyo District Court issued a statement in which it said that bitcoin is not “subject to ownership: so the victims of Mt. Gox could not seek compensation.

As we reported Karpeles claims to have been victim to a security breach which lead to the disappearance of almost $500 million worth of the virtual currency. He subsequently claimed to have mysteriously ben able to recover bout 200,000 of the lost bitcoins. This latest blow to Karpeles should bring him closer to justice and for Bitcoin proponents hopefully put an end to the Mt. Gox fiasco that almost single handedly destroyed the ideal of virtual currencies.

Author: Victor

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