Bitcoin News

Mark Karpeles says he doesn’t want any of the bitcoin billions

In a recent ‘Ask me anything’ Reddit Q&A session held on April 3, Mark Karpeles, the disgraced former CEO of the now-defunct Mt.Gox exchange claimed he didn’t want anything to do with the bitcoin billions that will be realized after the sale of the remaining 160, 000 BTC. They are currently valued at $1.127 billion.

The exchange is currently in the process of refunding the users that lost funds during the 2014 hack. According to Japanese bankruptcy law, the claims by the users were recorded in Japanese Yen on the date of bankruptcy. Karpeles goes on to say that the difference in exchange rate resulted in a ‘glut’ of bitcoin’s that are supposed to be distributed among the shareholders according to the rules.

Commenting on this he writes:

“That’s the only way any bankruptcy law can reasonably work. And yet, in this case, it produces an egregiously distasteful outcome in that the shareholders of MtGox would walk away with the value of over 160,000 bitcoin as a result of what happened,”

Adding: “I don’t want this. I don’t want the bitcoin billions.”

The whole process of reimbursing the users of Mt. Gox who lost their funds after the hack has taken over four years and has resulted in considerable pain on part of the investors.

Recently, it was reported that the Mt. Gox trustee was engaged in mass sell-offs of the bitcoins in order to credit the victims of the hack. The process was started in the last quarter of 2017. Many though are still resentful of Karpeles, who they see as the embodiment of mismanagement that has robbed them their own funds.

Some of the users that were affected by the incident couldn’t help but vent their frustrations towards Karpeles who added insult to injury by ignoring their questions.

Do you believe Karpeles wants nothing to do with the bitcoin billions? Let us know in the comment section below.

 

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coinmag

Basil has three years of freelance experience writing on disruptive technologies. He focuses on breaking news and education pieces; helping to spread the gospel of Blockchain. He hopes to have his own blockchain company one day; helping the world through its innovative ledger technology.

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