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French MtGox CEO in Japan charged with embezzlement. (scmp.com)

karmish_mafia が 投稿

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[–]slowmoon 38ポイント39ポイント  (9子コメント)

In Japan, you don't get charged with anything unless they are sure they have enough evidence to put you away. 99% conviction rate. Google it. It's over for Mark. Enjoy prison.

[–]jimmydorry 9ポイント10ポイント  (8子コメント)

We will have to see. From what I recall, they pressure defendants into pleading guilty. Either via reputational damage or threat of huge sentences.

MK appears to give no fucks.

[–]slowmoon 14ポイント15ポイント  (5子コメント)

You will see how many fucks he gives when they tell him he'll get 20+ years when found guilty at trial like they told Shrem. He clearly comingled the funds and used client funds for his personal use, at least at the end. The simple facts are that he didn't have a separate account and he knowingly didn't have the clients' cash towards the end. And he was spending money until the end. So there's no other conclusion except that he was embezzling money. He can confess and do 4-8 years like Shrem or he can go to trial, lose, and do a lot more time. They may even detain him without trial for a long time just to pressure him even more. He will confess.

[–]xanatos451 8ポイント9ポイント  (2子コメント)

Actually, I think he used the funds early on. It's what got him in a hole in the first place. I think he figured he could operate at a fractional reserve and repurchase the coins once the price came back down. Either way, it seems there's a lot of evidence and reason to believe he not only embezzled but manipulated the market as well.

[–]jack_nz 1ポイント2ポイント  (1子コメント)

Did anyone ever work out who was pumping the price? (I forget the name of the thing now:p) If he was fractional reserving, him pumping the price would've been digging his own hole. Who else could it be?

[–]xanatos451 0ポイント1ポイント  (0子コメント)

Willybot. It may sound counter intuitive but he was selling fake coins (they were only internal account credits basically) generating incoming cash, but he still had outflow at the time. I think he figured he would drive the price up to ridiculous levels which would cause he bubble to pop, then he could make out like a bandit once it did by buying real coins to settle up once it bottomed out. Problem was he ran out of liquid funds which caused him to have to cease withdrawals. It's pretty clear what happened.

Prick got greedy and dipped into customer funds early on (probably regularly too) and figured he could fame the system since he had majority control of the market and he was the only one with access to the accounting and the code. Smug bastard deserves what he's getting. He figured he could game the system and he got fucked hard.

[–]SiriusCH 1ポイント2ポイント  (0子コメント)

The "problem" for us normal users if he confesses is that we will never find out what really happened.

[–]dimpleinass 0ポイント1ポイント  (0子コメント)

Japan has High Rate of Conviction, Tough Luck Mark Karpeles. Proportion of prosecuted cases going to trial have higher success rate. Japan has a low rate of acquittals and high rate of convictions.

[–]GeorgeForemanGrillz 1ポイント2ポイント  (1子コメント)

He will get convicted, spend some time in Japanese prison, then when he gets out he will lose his residence visa in Japan and get deported back to France where he was previous convicted in absence for fraud. He may not give a fuck but his life is pretty much ruined for the next 10-20 years no matter how you dice it.

[–]CryptoBudha 3ポイント4ポイント  (0子コメント)

well at least he will lose some weight

[–]Bttc 12ポイント13ポイント  (3子コメント)

It's sad it had to come to this. I'm not sure if he's incompetent, evil, or just stupid, but there's so many ways he could have handled this fiasco better.

Japanese prisons sound pretty rough, but at least they're better than US prisons. Hopefully he'll come out a wiser man than he went in.

[–]killerstorm 3ポイント4ポイント  (0子コメント)

Just apply Occam's razor here: what's the best possible explanation for MtGox failure given that Mark was already found guilty of fraud in France before he started MtGox?

What I find sad is that there are still people giving him a benefit of doubt. Mark should have never been trusted in the first place. The main reason why the disaster was so big is that bitcoiners were so gullible.

[–]NilacTheGrim 1ポイント2ポイント  (0子コメント)

It is sad indeed. But in a way it was bound to happen sooner or later. Money and power corrupt. And in Mark's case, it was too easy for him to get carried away with his position in the market and his ability to embezzle. He's a smart guy who may have been too smart for his own good and too smart to handle the responsibility, money, and power he found himself at the reins of... That being said, others have suffered too for his folly and justice should be served.

[–]Pugwash79 1ポイント2ポイント  (0子コメント)

He'll get plenty of exercise in there.

[–]finway 10ポイント11ポイント  (2子コメント)

And thermos said Mark was an honest man even after the bank run.

[–]untried_captain 2ポイント3ポイント  (1子コメント)

Even Bitcoin Jesus vouched for Mark.

[–]finway 0ポイント1ポイント  (0子コメント)

Yes, he's already trashed his reputation, though it's before the bank run.

[–]5tu 3ポイント4ポイント  (1子コメント)

"But critics argue the lack of legal framework governing the currency, the opaque way it is traded and its volatility make it dangerous."

I've never once heard anyone argue it's dangerous. I've heard it's a bubble, ponzi, associated to nefarious uses or a very high risk investment... never dangerous though.

Appears a rather misguided view to use such a word given security is one of bitcoin's advantages over traditional payment systems. Will be interesting to see how long they keep up with the 'ignore it and it'll go away' approach. Surely if the most powerful exchange handling 80% of transactions disappeared overnight yet the network still continues to grow with larger and larger corporations getting involved they should realize there must be a good reason for this.

[–]waxwing 0ポイント1ポイント  (0子コメント)

Well it can certainly be rather dangerous, in that you can so easily lose your money if you don't know what you're doing (and especially if you internally mischaracterise bitcoin accounts, whether personally held or held with third parties, as like bank accounts ... that was an expensive error for a lot of ignorant people).

[–]supermari0 2ポイント3ポイント  (1子コメント)

So what is the expected sentence for embezzling $2.7 million?

[–]RetakeEverything 1ポイント2ポイント  (0子コメント)

I'm surprised he didn't go hide in Israel

[–]CryptoEra 0ポイント1ポイント  (0子コメント)

https://www.youtube.com/watch?v=xPcql4FuCK0

[–]ratatomik 0ポイント1ポイント  (0子コメント)

He has a weird face :/

[–]darkice 0ポイント1ポイント  (0子コメント)

Over 99% conviction rate in japan. Good luck Have Fun. GG

[–]Bitfraud -4ポイント-3ポイント  (1子コメント)

This subreddit was actively defending Karpeles as a victim right up until the end.

[–]blessedbt 0ポイント1ポイント  (0子コメント)

Right on. Even though I'm several thousand miles away and never went anywhere near Gox or commented on it, as penance I have sliced my phallus down the centre of the shaft and peeled it open like a banana. Please let me know if there's anything else I can do.