[2017-11-28]Karpeles Coin: Mt. Gox Founder’s ICO Plans Cause Community Outrage

[johnjin]

In a blog post, Karpeles completely dismissed the creditors by expressing his intentions to pay out the minimum amount possible and keeping the majority of the 202,000 Bitcoins.

“Mt. Gox’s bankruptcy should have been a rather boring and long process. Long, because there are many creditors (24,750 people submitted claims as Mt. Gox customers) and because some people are trying to get a part of the cake despite having been rejected by the trustee (CoinLab). Now, far from being boring, this bankruptcy is setting a new kind of precedent. Indeed, the assets held by Mt. Gox when it entered liquidation bankruptcy included some 202,000 BTC, which now have a worth at today’s rate much higher than the sum of all non-erroneous claims filed against Mt. Gox,” wrote Karpeles.

In addition to that, Karpeles introduced his plans to conduct an initial coin offering (ICO) to raise $245 mln to “revive” Mt. Gox. The plans of Karpeles are illogical and delusional to a certain extent, given that Korbit, one of the largest cryptocurrency exchange in the world, was recently acquired for $140 mln by $10 bln gaming giant Nexon.

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[pixie85]

Nobody is going to invest in you Mark because you're a lying piece of shit. The money you've spent on prostitutes in 2013 and 14 are also worth much more now. Are you going to return that with interest? A boring process? It had to be when you were locked up. Kitty must have missed you so much.

[odolvlobo]

I think the situation exemplifies the saying, "not your keys, not your bitcoins".

[Samarkand]

... Indeed, the assets held by Mt. Gox when it entered liquidation bankruptcy included some 202,000 BTC, which now have a worth at today’s rate much higher than the sum of all non-erroneous claims filed against Mt. Gox,” wrote Karpeles.

...

This is indeed an unprecented event in the history of insolvency law. I´m pretty sure there has never been a situation where a bankrupt company had
assets that appreciated as much as the BTC owned by Mtgox did.

However, the ICO plans of Karpeles are completely delusional. He and the rest of Mtgox lost all trust years ago when they started
to buy BTC with funds that were simply entries in their MySQL database. He could have handled the whole bankruptcy much better and
will probably never regain the favor of the BTC community.