Breaking News: Mark Karpelès CEO of Mt Gox Might Face Ten Years in Prison

Mark Karpelès, the CEO of Mt Gox, a non-operating bitcoin exchange has to face 10 years in prison as the court of Tokyo is preparing to pass judgment on embezzlement (theft or misappropriation of funds) charges on 15th March 2019 (Friday).

Mark Karpelès is charged with transacting client’s money worth $3 million in his personal accounts and forging the data of the exchange. However, Mark maintained his innocence in front of the courts.

According to the report, Mark had transacted the client’s money into various other companies that he owned which included a 3D printing company as well. He is also being accused of spending the money on prostitution, tours, personal bills and living a luxurious life. However, according to Mark, the transaction of the funds was a short-term loan.

The prosecutors asked the court to account a 10-year sentence. Mark has already been to prison for 6 months during the trial and was later released on bail.

Mark alleged in the court that he swears to god that he is innocent and also gave his apologies to the people who lost their precious funds during the hacking of the exchange.

Mt Gox tale coming to an end?

If Mark Karpelès is convicted, this will bring the long tale of Mt Gox to an end. Mt Gox had filed for bankruptcy back in 2014 after losing around 850,000 BTC. Bitcoin had experienced the worst crash when the exchange was shut down back then.

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