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Former CEO Of Mt. Gox Pleaded Innocent During Closing Arguments Of His Trial

Stefan by Stefan
27/12/2018
in Bitcoin Scams
Reading Time: 2 mins read
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The Former CEO of Mt. Gox Mark Karpeles pleaded his innocence in his closing arguments of the trial according to the latest crypto news coming from Japan where he is still facing charges of embezzling $3.1 million.

Mark Karpeles is in Tokyo currently on trial for embezzlement charges but also data manipulation after the major hack of Mt. Gox.

In his closing arguments, Karpeles apologized for the not being able to prevent the loss of 850,000 bitcoins which led the exchange to shut down. However, he is not on trial for the loss of those bitcoins but rather how he handled the funds of his clients and failing to protect their data.

The trial started last year in July and is taking place at the Tokyo District Court but a final verdict is expected in March 2019. The former CEO could face a prison sentence up to ten years for embezzlement.

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At the start of December, the prosecutors pointed out that they are seeking a 10-year prison sentence for the former CEO. Karpeles did argue that the funds that he embezzled were a ‘’temporary loan.’’ The prosecutors didn’t take his claim into consideration saying that there is no paperwork to support his statement.

Karpeles also insisted that the funds weren’t really client funds but generated revenues by the exchange itself. He used the funds to invest in a tech startup but also to buy luxurious items.

Currently, there is an ongoing plan to compensate the investors who lost their asset after Mt. Gox was hacked. Back in September, the exchange opened an online filing system to corporate creditors and retail investors. The entire process ended in October and the court is expecting to receive a list of rejected and approved claims.

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DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

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Stefan

Stefan

Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.

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