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As prosecutor call for 10 years jail term, CEO of Mt. Gox denies allegations of embezzlement

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Mark Karpeles, the former CEO of now inoperative Japan-based Bitcoin exchange Mt. Gox is possibly facing over ten years of jail term over alleged fraud, reports Japanese media outlet Nikkei on December 12.

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Karlpeles who was the CEO of the exchange when it was hacked in 2014 to lose 850,000 BTC ($2.8 billion), is denying this allegation.

The prosecutors in a Tokyo court on Wednesday arguing against Mt. Gox read out an indictment against the former CEO, who is under his bail conditions residing in Japan, accusing him of theft of funds worth of 340 million yen ($3 million) asked for a ten-year prison sentence for him.

Although Karplus was not directly connected to the hack, he attracted eyeballs when authorities started investing MT. Gox’s funds.

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Karlpeles on many occasions protested his innocence and appealed publically to affected traders, dressing his regrets.

Mt. Gox is currently in the process of rehabilitation proceedings, which might compensate the users for their losses in the hack.

The Nikkei report suggested that Karpeles had denied the allegations that he “hacked and stole” money on his own., along with manipulating the exchange’s ledger and used the stolen money for property rent, business acquisition, and furniture.

Between this Japanese authorities are tightening their stance for preventing any such activity from occurring in future.

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