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Author Topic: [2018-04-04] Mt Gox CEO: I Don't Want Bankrupt Bitcoin Exchange's Billions  (Read 22 times)
BitcoinArsenal
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April 04, 2018, 04:24:11 PM
 #1

In a Reddit post on Wednesday, Mark Karpeles issued a letter to the exchange's users, many of whom have been locked in a years-long battle to retrieve funds lost by the exchange. In the letter, he struck back at the idea that he would personally benefit from how Japanese courts are likely to handle the case.
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April 04, 2018, 05:24:22 PM
 #2

The mount gox millions may not be his to keep, even if he wanted to. While the liabilities for the liquidator might be fixed in JPY, what happens to the left over pie is still subject to debate. If the liquidator decided to hand it over to Mark, Mount Gox creditors could still decide to sue for damages.


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April 04, 2018, 05:28:44 PM
 #3

If Karpeles did the things he's accused of, getting a lot of money like that would open him up to civil suits. I don't think I would want those billions either.

It would be interesting to look out how slowly the trustee unloaded all that Bitcoin. I guess slow, continuous pressure of even such a relatively small amount could have a large effect on price in a market with a lot of HODLers. I think the nature of Bitcoin is such that it would make more sense to redistribute the Bitcoin that is left instead of the cash value of the holdings at the time of bankruptcy. Courts don't deal in Bitcoin, however, and the full quantity of Bitcoins they had are gone so the cash value is really the only thing they can do that seems both equitable and practical, though it certainly sucks.

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