Mark Karpeles news

The former CEO of bitcoin exchange Mt. Gox.

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Mark Karpeles is responsible for failing to protect funds, says Bitcoin Cash’s Roger Ver

Roger Ver, the CEO of Bitcoin.com and a well-known Bitcoin Cash proponent, recently spoke about Mark Karpeles. Karpeles, the former CEO of Mt. Gox – the infamous Bitcoin exchange, made headlines this week after he received a suspended sentence from the Tokyo District Court. Karpeles was found guilty of altering numbers in the firm’s financial records and was acquitted of all other charges, including embezzlement of funds. The verdict came as a relief for the CEO as he would have faced up to ten years in prison if the alleged embezzlement charges had been proven. He was charged with the embezzlement of around $3 million in customer funds. The Tokyo District Court ruled that “he had acted without ill intent,” reported Bloomberg. Additionally, he was given a two-and-a-half year suspended sentence, which he will have to serve if he committed another crime within the next four years. The court also stated, “The charge of electronic record tampering is true and deserves punishment, but there’s no criminal evidence of embezzlement […] there is no excuse for the defendant, who is an engineer with expert knowledge, to abuse his status and authority to perform clever criminal acts.” Roger Ver, in an interview with Decrypt, stated that Karpeles was “responsible for not doing a good job protecting the funds from the hackers”. Nevertheless, the Bitcoin Cash proponent also clarified that he held the hackers responsible for stealing the funds. Mt. Gox was once the biggest Bitcoin exchange platform in the world, controlling over 70% of all BTC transactions. However, the exchange fell victim to a hack, and subsequently lost control of over 7% of all Bitcoins in circulation. This resulted in the platform shutting down its operations and declaring bankruptcy. Presently, Mt. Gox is undergoing a civil rehabilitation program under which victims of the platform will be repaid their losses with the Bitcoins that were discovered by Karpeles in cold wallets. Ver is noted to be one of these victims, holding “life-changing amounts of Bitcoins” on the exchange, reported Decrypt. Further, with respect to Karpeles’s suspended prison sentence, Ver said that it was only for “those who are physically dangerous towards others”. He also suggested that people should be punished after they were convicted, not before, in light of Karpeles being interrogated for 50 days in a row. The post Mark Karpeles is responsible for failing to protect funds, says Bitcoin Cash’s Roger Ver appeared first on AMBCrypto.
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Breaking: MtGox Founder Mark Karpeles Found Guilty. Sentenced to 2.5 Years in Prision

Mark Karpelès, Chief Executive Officer of the defunct bitcoin exchange MtGox, has been sentenced by a Japanese court to two years and six months in prison after concluding the trial against him for the infamous MtGox scandal. Mark Karpeles. CEO Mt.Gox. courtesy: Daily Dot The CEO of Mt. Gox claimed throughout the entire trial that he was completely innocent. With this sentence, his image is left partially clean as the court only found him guilty of tampering with records by the Tokyo District Court. The court found him not guilty of the remaining charges which could bring his sentence up to ten years. The panel of judges determined that Karpeles had not committed embezzlement or violated the Company law. The outcome of the trial is a victory for Karpeles on a personal level; however, it does not mean that the story is over. The proceedings related to MtGox’s bankruptcy continue regardless of the fate of its CEO. According to the Financial Times, Mark Karpeles showed his respect to the judges, and although he did not make any statements, his humble reaction seems to indicate his satisfaction with the results of this legal challenge: “Mr. Karpelès, wearing a dark suit, bowed to the judge as he entered the courtroom.” The Financial Times, Mr. Karpeles’ prison sentence “was suspended for four years,” according to a pooled press report. To date, there have been no reactions from Mr. Karpeles or any of his spokespersons or the Exchange’s. It is hoped that more information on the case will be available in the next few hours. According to BNNBloomberg, Mr. Karpeles’ stay in Japan was not at all pleasant:  “Karpeles has said he was interrogated for months without a lawyer and bullied into signing a confession, a “nightmare” process during which he lost 77 pounds over 11 months. The MtGox case represents the strongest scandal in the history of crypto. At the time, the exchange controlled more than 70% of the total volume of trading of crypto coins worldwide, according to Wikipedia. The post Breaking: MtGox Founder Mark Karpeles Found Guilty. Sentenced to 2.5 Years in Prision appeared first on Ethereum World News.
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Mt. Gox’s Mark Karpeles Found Guilty Producing Illegal Records, Gets Suspended Term

CoinSpeaker Mt. Gox’s Mark Karpeles Found Guilty Producing Illegal Records, Gets Suspended TermHe was found guilty on just one charge though: producing illegal records. The rest of the charges, including the loss of millions of dollars in Bitcoin, were dropped. Further, he was handed a suspended sentence.Just for a reminder, prosecutors have demanded the Japanese court to charge Mt. Gox CEO Mark Kapelès a minimum 10-year jail term under charges of Bitcoin embezzlement and fraud.The conviction brings to a close the defining incident of the first bitcoin boom when Mt Gox, then the world’s biggest cryptocurrency exchange, filed for bankruptcy in 2014 after losing about 850,000 bitcoins from its accounts.Those bitcoins are worth $3.3bn at today’s price of $3,865. A suspended sentence in U.S. basically means that as long as the accused keeps their nose clean, they don’t have to go to jail.The court verdict said:“The charge of electronic record tampering is true and deserves punishment, but there’s no criminal evidence of embezzlement.”In handing down the suspending jail term, it blamed Karpeles for “massive harm to the trust of his users,” saying “there is no excuse for the defendant, who is an engineer with expert knowledge, to abuse his status and authority to perform clever criminal acts.”Karpeles’ defense attorneys used the fact that he hid the true state of the exchange from investors and users to his advantage.They used the fact that he hid the true state of the exchange from investors and users to his advantage. They said:“Mt. Gox did not collapse because of the defendant’s wrongdoing. On the contrary, the defendant was trying his hardest every day to prevent its collapse.”Karpeles eventually stood trial in 2015, but not on account of the theft. Instead, he was charged with faking trading information at Mt.Gox over “several years” and embezzling $3 million in customer funds deposited with the company.He was arrested in August 2015 and spent a year in Japanese detention after being re-arrested several times, as is possible under the legal system in Japan.When he was finally released on bail, he had lost a huge amount of weight and at his first high-profile hearing offered up a clean-cut image.Since then, Karpeles has been active on social media but has largely avoided commenting on his case in detail as he awaited the court’s verdict.Luxury Living and High-End Spending Using Embezzled Money?Karpeles came under scrutiny after prosecutors claimed he used the embezzled money to fund an ostentatious lifestyle, including living in a $11,000-a-month rented apartment and regularly spending on overseas trips. In addition to personal expenses, he reportedly launched a high-end 3D printing business; a cost deemed “unnecessary” for Mt.Gox’s purposes.However, Karpeles maintains innocence to this date and denied all charges levied.The Karpeles case has attracted increased public interest since the shock arrest in Japan four months ago of another prominent foreign executive: Carlos Ghosn, the former chairman of Nissan Motor Co. The Brazilian-born French national was charged with hiding millions of dollars in deferred income from his fellow executives and board members.In an interview with The Associated Press last year, Karpeles warned about the risks of virtual money, likening its precariousness to a game of musical chairs, with about 10,000 people around each chair.He said:“As long as everyone is dancing, it’s fine, but if everyone wants to sit at the same time there won’t be enough chairs.”As Financial Times explain, Basel panel urges banks to be wary of crypto assets. After thousands of investors lost their money in Mt Gox, however, the price subsided back to around $250 before its spectacular ascent to almost $20,000 in 2017.Spectacular hacks have continued, however. Last year, another exchange, Coincheck, lost $500m to hackers.The Mt Gox collapse has prompted a long legal saga as investors seek to recover their funds. After its collapse, 202,185 missing Bitcoins were discovered in an online wallet, and the surge in their price is potentially sufficient for investors to recover all of their money.Mt. Gox’s Mark Karpeles Found Guilty Producing Illegal Records, Gets Suspended Term
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Under Attack

Attacks concerning on wallets and cryptocurrency exchanges is becoming the standard of the industry. Everything is vulnerable — from huge market-monsters to new projects, and sometimes it seems that it is better not to trust anyone at all.

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Tron is Now Available for Trading on the eToro Platform

Tron (TRX) was added to the social trading platform eToro. More than 100 million registered users will have access to one of the largest cryptocurrencies in the market. […] The post Tron is Now Available for Trading on the eToro Platform appeared first on UseTheBitcoin.
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eToro Acquires Smart Contract Infrastructure Provider FirmoImage via eToro, Facebook

Social trading and multi-asset brokerage company eToro has acquired Firmo, a smart contract infrastructure provider, for an undisclosed amount, eToro announced on Monday. The company said the acquisition aims to bring it “one step closer to becoming the first truly global service provider allowing people to trade, invest and save.” The Firmo team will act […] The post eToro Acquires Smart Contract Infrastructure Provider Firmo appeared first on Coinjournal.
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eToro Signals Tokenized Future with Acquisition of Smart Contract Infrastructure Provider Firmo

Coinspeaker eToro Signals Tokenized Future with Acquisition of Smart Contract Infrastructure Provider FirmoGlobal multi-asset investment platform eToro has today announced that it has acquired Firmo, for an undisclosed amount. Firmo enables smart contracts for derivatives to be securely enabled on any major blockchain.Commenting on the news Yoni Assia, Co-founder and CEO of eToro, said:“The acquisition of Firmo will enable eToro to accelerate the growth of our tokenized assets offering.  Blockchain and the tokenization of assets will play a major role in the future of finance. We believe that in time all investible assets will be tokenized and that we will see the greatest transfer of wealth ever onto the blockchain.”eToro was founded in 2007 with the vision of opening up the global markets so that everyone can trade and invest in a simple and transparent way. While this core vision remains the same, new technology namely blockchain, means that the eToro business has, and will continue to, evolve.Yoni Assia continued:“While our expansion has been largely organic to date, as the eToro business continues to grow we are on the lookout to acquire businesses which will help us stay at the forefront of fintech innovation. We believe that the market is particularly exciting at the moment.”The Firmo team will act as an internal innovation unit tasked with bringing to life the goal of tokenizing all assets on eToro. This will involve research and development of infrastructure for the representation of assets and the execution of trade processes on blockchain infrastructure.Dr. Omri Ross, CEO and Founder of Firmo, said:“The advent of crypto and the blockchain technology that underpins it has driven an explosion in financial innovation, however, a number of challenges are preventing mass adoption and integration into legacy infrastructure.  Our goal is to enable our users to trade any asset globally with instant settlement by tokenizing assets and executing all essential trade processes on the blockchain.” Firmo’s underlying technology provides a platform to securely deploy financial contracts and can work with any blockchain. They have developed a formally verified, domain-specific contract language ‘FirmoLang’ which, with the support of Firmo’s compiler can be translated onto a number of blockchain platforms such as Ethereum, EOS or NEO.Yoni Assia said:“The Firmo team has done ground-breaking work in developing practical applications for blockchain technology which will facilitate friction-less global trading. The adoption of smart contracts on the blockchain increases trust and transparency in financial services. We are incredibly proud and excited that they will be joining the eToro family. We believe that together we have a very bright future and look forward to pursuing our shared goal to become the first truly global service provider allowing people to trade, invest and save.”About eToroeToro was founded in 2007 with the vision of opening up the global markets so that everyone can trade and invest in a simple and transparent way. The eToro Group consists of the eToro platform, our multi-asset trading and investment venue, and eToroX, which manages our crypto wallet and forthcoming exchange.The eToro platform enables people to invest in the assets they want, from stocks and commodities to cryptoassets. We are a global community of more than ten million registered users who share their investment strategies; and anyone can follow the approaches of those who have been the most successful. Due to the simplicity of the platform users can easily buy, hold and sell assets, monitor their portfolio in real time, and transact whenever they want.As technology has evolved, so has our business. In 2018, we created eToroX, our digital asset subsidiary. eToroX provides the infrastructure, in the form of a crypto wallet and the forthcoming exchange, that supports our commitment to facilitating the evolution of tokenized assets. We believe that leveraging blockchain technology will enable us to become the first truly global service provider allowing everyone to trade, invest and save.eToro Signals Tokenized Future with Acquisition of Smart Contract Infrastructure Provider Firmo
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5 Things You Need to Know About Apple’s New Credit Cardapple-cardampressman

Hoping to move more even deeply into the financial lives of its customers, Apple on Monday unveiled its own iPhone-oriented credit card, called the "Apple Card." The card, created in partnership with Goldman Sachs and Mastercard, comes with some features that set it apart from traditional credit cards like a lack of a visible credit card number. But it also has some features that most people are well familiar with such as cash back. In a particularly Apple touch, customers can apply for the card on an app on their phones. It will be available this summer, Apple said. The card is tied closely into Apple Pay, the company’s digital wireless payments system. That makes it easy for customers to use the card for payments with all their Apple devices and for purchases both in retail stores and online. Here are five important things you should know about the new Apple Card: This isn’t your father’s credit card Yes, this is a physical credit card – albeit made of all-white, engraved titanium. But it doesn't have a number or expiration date printed on it. Get money back Like many other rewards cards, users will get a 2% rebate on spending with the new card through the Apple Pay app and 1% back when using its as a physical card. Customers will get 3% back on purchases from Apple. But customers won't have to wait long to spend the rebates. Apple said they would be available immediately on an accompanying app for use on new purchases, to pay down a credit card balance, or even to transfer to other people using Apple Pay. No fees Apple didn't say what the interest rate would be on the new card. Apple aapl did say that the card will have no annual fee, no late fees, no over-limit fee, and no international fees. Apple has previously offered a more typical branded Visa card in partnership with Barclays. That card also has no annual fee and lets users accumulate rewards points that can be redeemed for Apple gift cards. But otherwise, it more resembles a typical credit card, with late fees and other extra charges. Privacy protection Apple said it would provide more privacy protection than typical credit cards. The company said it wouldn't know where customers spend, how much they spend, or what they buy. Goldman Sachs gs would have that data and wouldn’t sell that information to third parties for marketing or advertising. Better spending data The new card will come with an app that provides highly detailed information about the users’ finances. Using data from Apple Maps, the app will show exactly where and when every transaction occurred instead of a traditional credit card statement. The app will "transform this mess into names and locations that you'll recognize," Apple vice president Jennifer Bailey said. The app will compile the information while processing all financial data on each user’s device. No data would flow to Apple’s servers, the company said.
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