The Cheer News
Breaking News Cryptocurrencies

Japanese Court Rejects Ex-Mt Gox CEO’s Appeal Against Embezzlement Charges

Mark Karpeles, the former CEO of the notorious Mt.Gox, has suffered a new blow after Japanese high court threw out his petition and upheld the conviction on charges of manipulating electronic data.

Mark Karpeles was arrested in 2015 and accused of “manipulating electronic data” and managed to duck embezzlement charges.

The former boss of Mt Gox, Mark Karpeles, now has to face the music for his prior “manipulating electronic data” charges that stem from the Mt Gox investigation. Karpeles was arrested in August 2015 and he claims he didn’t take any money when 850,000 BTC was stolen from the platform.

Last year, the Japanese court decided that Karpeles would not face embezzlement charges, but the manipulation charges held a sentence of two years and six months in prison.

The sentencing was suspended for over four years, but as of Thursday, Karpeles must try again to clear his name. The Tokyo court accused Karpeles of fudging the numbers in order to hide issues from Mt Gox clientele.

READ ALSO: JPMorgan Adjudged Bitcoin’s Market More Resilient Than Currencies, Equities, Treasuries And Gold

Karpeles has spoken to the public about the recent court decision. “Today’s verdict was unfortunate, and I am reviewing its contents alongside my lawyers and will decide how to proceed from there in the coming days,” Karpeles said Thursday evening.

Prosecutors originally demanded 10 years served in a Japanese prison. Karpeles was accused and charged with three counts, but only one stuck. Out of the 850,000 BTC ($7.9 billion using today’s exchange rates) stolen from Mt Gox, 200,000 BTC or 15% was recovered.

For the last three years, Mt Gox customers who lost money on the exchange have been battling to get their share of the 15% ($1.8 billion) of BTC left behind.

Not too long ago, organizations like Brock Peirce’s Gox Rising have offered Mt Gox clients a percentage of the bitcoin’s owed. Gox Rising, for instance, is offering $800 per BTC for each claim, while the New York-based private equity firm Fortress is offering Mt Gox creditor claims at roughly the same rate per coin.

Karpeles found the 200,000 BTC in cold storage after the exchange went under and after the firm applied for bankruptcy.

News.bitcoin.com

Related posts

Over 33 Million Americans File Jobless Claims In 7-Week

EDITOR

Lagos Awaits FG’s Approval To Reopen Schools – Education Commissioner

EDITOR

Dozen of People Sustain Injury in Australian Mall as They Scramble for Christmas Gift

EDITOR

Leave a Comment