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Former Mt.Gox CEO Sentenced To 2.5 Years In Prison

15 March 2019 10:32, UTC
Former Mt.Gox CEO Sentenced To 2.5 Years In Prison
Mark KARPELES, CEO of the notorious Mt.Gox bitcoin exchange, was sentenced by a Japanese court to two years and six months in prison following the completion of the trial. Earlier rumors claimed that Karpeles could be found guilty and sentenced to 10 years of imprisonment.

Throughout the entire process of the Mt.Gox case, the defendant claimed that he was completely innocent. However, the Tokyo District Court found him guilty of tampering with records. The panel of judges determined that Karpeles did not commit embezzlement and did not violate the law in any other way.

According to the Financial Times, Mark Karpeles showed respect for the judges and their decision. Despite the absence of statements, his humble reaction may indicate his satisfaction with the outcome of the legal challenge. However, the story of Mt.Gox is not over yet. The bankruptcy proceedings of the exchange continue, regardless of the results of its CEO trial.

The trial started with the disappearance of funds from the Mt.Gox exchange — it is considered to be one of the most significant events in the history of the crypto industry. At the time of its activity, Mt.Gox controlled more than 70% of the total cryptocurrency trade worldwide.

Image courtesy of The News Articles

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