Mt Gox Bitcoin exchange’s Karpeles avoids jail time in Japan

13w
3m read
Summary

Gox was among the biggest bitcoin exchanges in the world, dealing with what was the equivalent of millions of dollars of transactions a day. Bitcoin has been a legal form of payment in Japan since April 2017, and a handful of major retailers here already accept bitcoin payments. In his statement to the court in 2017, Karpeles said he “never once improperly used any funds” at Mt. By Yuri Kageyama | AP March 15 at 12:12 AM TOKYO — Mark Karpeles, who headed Mt. Karpeles, appearing in court in a dark suit, quietly sat listening to the verdict.

Article PreviewBy Yuri Kageyama | AP March 15 at 12:12 AM

TOKYO — Mark Karpeles, who headed Mt. Gox, a Tokyo-based bitcoin exchange that went bankrupt after a massive hacking, was found guilty Friday of manipulating electronic data but cleared of embezzlement and breach of trust charges.

The Tokyo District Court handed down a prison sentence of two years and six months, suspended for four years, meaning Karpeles will not have to serve jail time.

Karpeles, a 33-year-old Frenchman, was arrested in August 2015, and suspected of taking money from his clients. He said he was innocent, arguing he did not pocket the money that got lost at his exchange.

Prosecutors had demanded 10 years in prison.

Karpeles, appearing in court in a dark suit, quietly sat listening to the verdict.

His case drew global attention, coming at a time when cryptocurrencies were still relatively new.

So did his nearly yearlong incarceration ahead of his trial.

Japan’s criminal...

Read the full article @ The Washington Post