The Only Winner in the Mt Gox Trial is Mark Karpeles

The net worth of Mark Karpeles could run into the hundreds of millions of dollars thanks to a 200,000 stash of bitcoins the disgraced CEO is still sitting on. Those coins are the subject of ongoing legal proceedings in Japan which could see claimants receive less than $500 per coin for their losses. With over $1.4 billion worth of bitcoins on the line, the beleaguered Mt Gox boss has been the subject of fresh vitriol.

Also read: Mark Karpeles Open Letter to Coinlab Looks to Settle Lawsuit for $5M

Mark of the Devil

The Only Winner in the Mt Gox Trial is Mark KarpelesMt Gox: two words that many early bitcoin adopters still shudder to hear. One of bitcoin’s most notorious bête noires, Mark Karpeles has been persona non grata ever since the exchange collapsed in 2014. Since then, customers who lost their holdings in what was the world’s largest bitcoin exchange have been pursuing Karpeles and his failed company through the courts. Mt Gox famously shut down after conceding that 850,000 bitcoins had been stolen, but later ‘discovered’ 200k of them in the manner that one might discover some spare change down the back of the sofa.

The ownership of these bitcoins is hotly disputed, with former customers of the exchange adamant that this stash belongs to them and insisting that they should be recompensed to the fullest extent possible. At present however those coins are under the control of a company overseen by none other than Mark Karpeles. With bitcoin having risen approximately 17 times in value since the Mt Gox days, Karpeles theoretically has enough funds to pay back every customer who lost out – but only to Read More Here