Mark Karpeles the former CEO of the Bitcoin exchange Mt Gox is expected to plead not guilty soon. The company which had lost almost $500 million dollars worth of Bitcoin back in 2011 was notorious for security problems. What strikes me as crazy is how Karpele’s was found to not only lie about the hack. Claiming it was due to a “weakness” in Bitcoin which was debunked. But on top of this he was caught transferring customer funds from Mt. Gox into his own personal account to use on prostitutes and lavish spending.
Despite all of this he only faces five years in prison at most along with a $4,000 dollar fine. Even Jordan Belfort (Wolf of wall street) who some think got off easy was required to pay more than this. Things like this remind of why they say justice is blind. It often seems blind to the crimes of those with influence, money and connections.
Update: As I was writing this post Karpeles just pleaded not guilty trying to claim the loss of funds was not his fault. And he was allowed to use that money as part of a remittance that fell under scope of Mt Gox’s revenue. Rather sad this guy will get off with a slap on the wrist.
Wow thats crazy 500,000,000 worth of bitcoin is insane. Is it suspected that he collaborated with the hackers for a kick back? To me that seems to be the case.
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That theory has never been proposed. Wouldn't be a surprise but I doubt he's that smart. More likely he scammed people, embezzled money, and ran a piss poor company with lax security which lost people's hard earned money.
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Damn that is crazy! I was just reading about this on @stackin page. Dang he barely got a slap on the wrist sheeesh! @exavier
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Agreed. It's some nonsense. I guarantee even if he goes to jail he won't serve his whole sentence. And it will be in a safe white collar prison. Must be nice to rob people and lose millions with little consquences. i'll check out stackin page.
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Yes, that's exactly what it is @exavier, white collar crime. It's crazy.
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