Verdict due in MtGox bitcoin embezzlement case

The disappearance left a trail of angry investors, rocked the virtual currency community, and dented confidence in the security of bitcoin. At one point …

TOKYO – The former high-flying head of collapsed bitcoin exchange MtGox will learn his fate Friday as a Tokyo court hands down its verdict on charges of faking digital data and embezzling millions of dollars.

Mark Karpeles, former head of the collapsed bitcoin exchange MtGox, is accused of faking digital data and embezzling millions of dollars

Prosecutors have called for a 10-year jail sentence for French-born Mark Karpeles, 33, who denies the charges.

Karpeles is alleged to have repeatedly manipulated computer data over several years while embezzling a total of 341 million yen ($3 million) of clients’ money deposited at the company.

Prosecutors claim he splashed the embezzled money on a 3D-printing software business unnecessary for MtGox, as well as on personal expenses, including some six million yen ($54,000) for a canopy bed.

He also spent millions of yen on arranging overseas trips for his estranged wife, as well as utility bills and cleaning services at his luxury apartment that he reportedly rented for $11,000 per month, prosecutors allege.

MtGox was shut down in 2014 after 850,000 bitcoins (worth half a billion dollars at that time) disappeared from its virtual vaults, a mystery that remains unsolved.

The disappearance left a trail of angry investors, rocked the virtual currency community, and dented confidence in the security of bitcoin.

At one point, MtGox claimed to be handling around 80 percent of all global bitcoin transactions.

The spectacular failure of the exchange caused a dramatic slump in the value of bitcoin but the cryptocurrency rallied to an all-time high of near $20,000 in December 2017 before dropping off sharply.

It is currently trading at around $3,900.

Japan issued new regulations after the MtGox case, but the exchange Coincheck was forced last year to refund customers more than $440 million in virtual currency that disappeared from its holdings.

During the trial, Karpeles apologised to customers for the company’s bankruptcy but denied both data falsification and embezzlement.

“I swear to God that I am innocent,” Karpeles, speaking in Japanese, told the three-judge panel hearing when his trial opened.

Karpeles has said the bitcoins were lost due to an external “hacking attack” and later claimed he had found some 200,000 coins in a “cold wallet” — a storage device not connected to other computers.

“Most people will not believe what I say. The only solution I have is to actually find the real culprits,” he told reporters after the hearing.

The charges against the former CEO are not directly related to how the MtGox losses came about.

– ‘Significant money losses’ –

Satoshi Mihira, chief attorney at Mizuho Chuo law firm, said: “If it was an outside hacker who stole the currency, it’s a problem. But if he stole even part of the money, it would be embezzlement.”

“His defence counsel needs a high level of evidence to win an innocent verdict,” he told AFP.

“If he’s found guilty, it is possible he will get a jail term considering the significant money losses (suffered by customers),” said the lawyer, an expert on cryptocurrency issues.

The odds are stacked against Karpeles as the vast majority of cases that come to trial in Japan end in a conviction.

The Frenchman was first arrested in August 2015 and, in an echo of another high-profile case against former Nissan chief and compatriot Carlos Ghosn, was re-arrested several times on different charges.

Karpeles eventually won bail in July 2016 — nearly a year after his arrest — reportedly paying 10 million yen to secure his freedom pending a trial, which began in July 2017.

During his time on bail, Karpeles has been active on social media — notably voicing doubts about bitcoin and replying to some media questions about conditions in Japanese detention centres.

However, he has largely avoided commenting on his case in detail.

The court is expected to issue a verdict Friday and, if it finds Karpeles guilty, will likely hand down a sentence at the same time.

However, even if he were to lose the case, he has the right to appeal, which would keep him on bail.

Related Posts:

  • No Related Posts

GXChain Market Capitalization Tops $55.25 Million (CRYPTO:GXC)

Tezos (XTZ) traded up 2.4% against the dollar and now trades at $0.46 or 0.00011733 BTC. Apex (CPX) traded down 1.7% against the dollar and now …

GXChain logoGXChain (CURRENCY:GXC) traded 4.1% higher against the US dollar during the 24 hour period ending at 21:00 PM ET on March 5th. One GXChain coin can currently be bought for $0.92 or 0.00023582 BTC on popular exchanges including Gate.io, DragonEX, QBTC and Bit-Z. GXChain has a total market capitalization of $55.25 million and approximately $8.96 million worth of GXChain was traded on exchanges in the last day. During the last seven days, GXChain has traded 39.8% higher against the US dollar.

Here’s how similar cryptocurrencies have performed during the last day:

  • Tezos (XTZ) traded up 2.4% against the dollar and now trades at $0.46 or 0.00011733 BTC.
  • Apex (CPX) traded down 1.7% against the dollar and now trades at $0.0082 or 0.00000209 BTC.
  • Smoke (SMOKE) traded flat against the dollar and now trades at $0.0444 or 0.00001179 BTC.
  • DAPPSTER (DLISK) traded flat against the dollar and now trades at $0.0004 or 0.00000006 BTC.
  • Tezos (Pre-Launch) (XTZ) traded down 16.1% against the dollar and now trades at $3.26 or 0.00049283 BTC.

About GXChain

GXC uses the hashing algorithm. It was first traded on March 4th, 2017. GXChain’s total supply is 99,613,552 coins and its circulating supply is 60,000,000 coins. GXChain’s official Twitter account is @gongxinbao and its Facebook page is accessible here. The official message board for GXChain is forum.gxb.io. The Reddit community for GXChain is /r/gxs and the currency’s Github account can be viewed here. The official website for GXChain is gxs.gxb.io/en.

Buying and Selling GXChain

GXChain can be traded on the following cryptocurrency exchanges: QBTC, DragonEX, OTCBTC, Binance, Huobi, Gate.io, Bit-Z and BigONE. It is usually not possible to buy alternative cryptocurrencies such as GXChain directly using U.S. dollars. Investors seeking to trade GXChain should first buy Bitcoin or Ethereum using an exchange that deals in U.S. dollars such as Changelly, Gemini or Coinbase. Investors can then use their newly-acquired Bitcoin or Ethereum to buy GXChain using one of the exchanges listed above.

Receive News & Ratings for GXChain Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for GXChain and related companies with MarketBeat.com’s FREE daily email newsletter.

Related Posts:

  • No Related Posts

IOStoken (IOST) Price Hits $0.0396

One IOStoken token can now be purchased for $0.0396 or 0.00000526 BTC on popular cryptocurrency exchanges including Ethfinex, Koinex, …

IOStoken logoIOStoken (CURRENCY:IOST) traded down 0.3% against the dollar during the one day period ending at 18:00 PM Eastern on March 12th. One IOStoken token can now be purchased for $0.0396 or 0.00000526 BTC on popular cryptocurrency exchanges including Ethfinex, Koinex, Cobinhood and Kucoin. IOStoken has a market cap of $332.92 million and approximately $16.00 million worth of IOStoken was traded on exchanges in the last day. Over the last seven days, IOStoken has traded 20.7% lower against the dollar.

Here’s how similar cryptocurrencies have performed over the last day:

  • Maker (MKR) traded down 0.1% against the dollar and now trades at $658.47 or 0.16838813 BTC.
  • THETA (THETA) traded 17.6% lower against the dollar and now trades at $0.12 or 0.00003193 BTC.
  • Pundi X (NPXS) traded down 0.4% against the dollar and now trades at $0.0006 or 0.00000016 BTC.
  • Aurora (AOA) traded up 4.4% against the dollar and now trades at $0.0154 or 0.00000394 BTC.
  • Huobi Token (HT) traded 5.4% higher against the dollar and now trades at $1.85 or 0.00047272 BTC.
  • IOST (IOST) traded 0.6% higher against the dollar and now trades at $0.0075 or 0.00000191 BTC.
  • Project Pai (PAI) traded 4.1% lower against the dollar and now trades at $0.0584 or 0.00001494 BTC.
  • MCO (MCO) traded up 2.8% against the dollar and now trades at $4.39 or 0.00068464 BTC.
  • Oyster (PRL) traded flat against the dollar and now trades at $0.51 or 0.00008001 BTC.
  • Nebulas (NAS) traded up 6% against the dollar and now trades at $0.83 or 0.00021127 BTC.

About IOStoken

IOST is a token. Its launch date was January 20th, 2018. IOStoken’s total supply is 21,000,000,000 tokens and its circulating supply is 8,400,000,000 tokens. The Reddit community for IOStoken is /r/IOStoken and the currency’s Github account can be viewed here. IOStoken’s official Twitter account is @IOStoken and its Facebook page is accessible here. IOStoken’s official website is iost.io. IOStoken’s official message board is medium.com/@iostoken.

Buying and Selling IOStoken

IOStoken can be purchased on these cryptocurrency exchanges: Huobi, Binance, IDAX, GOPAX, Bitkub, CoinBene, Bitrue, BitMart, GBX Digital Asset Exchange, Vebitcoin, Coineal, OTCBTC, DragonEX, Zebpay, ABCC, CoinZest, WazirX, Koinex, DDEX, BigONE, Kucoin, Hotbit, Livecoin, Upbit, DigiFinex, HitBTC, IDEX, Kyber Network, BitMax, Cobinhood, Ethfinex, OKEx and Bithumb. It is usually not presently possible to buy alternative cryptocurrencies such as IOStoken directly using US dollars. Investors seeking to acquire IOStoken should first buy Ethereum or Bitcoin using an exchange that deals in US dollars such as GDAX, Gemini or Changelly. Investors can then use their newly-acquired Ethereum or Bitcoin to buy IOStoken using one of the aforementioned exchanges.

Receive News & Updates for IOStoken Daily – Enter your email address below to receive a concise daily summary of the latest news and updates for IOStoken and related cryptocurrencies with MarketBeat.com’s FREE CryptoBeat newsletter.

Related Posts:

  • No Related Posts

ION 1-Day Volume Reaches $71227.00 (CRYPTO:ION)

ION can be purchased on the following cryptocurrency exchanges: Trade By Trade, Upbit and Bittrex. It is usually not presently possible to purchase …

ION logoION (CURRENCY:ION) traded down 2% against the dollar during the 24 hour period ending at 14:00 PM ET on February 25th. ION has a market cap of $1.96 million and approximately $71,227.00 worth of ION was traded on exchanges in the last 24 hours. One ION coin can currently be purchased for approximately $0.14 or 0.00003609 BTC on major cryptocurrency exchanges including Upbit, Trade By Trade and Bittrex. In the last seven days, ION has traded 0.1% higher against the dollar.

Here is how related cryptocurrencies have performed in the last 24 hours:

  • Ontology (ONT) traded up 8.4% against the dollar and now trades at $0.99 or 0.00025391 BTC.
  • OmiseGO (OMG) traded up 6.5% against the dollar and now trades at $1.44 or 0.00036874 BTC.
  • Ardor (ARDR) traded up 10.3% against the dollar and now trades at $0.0648 or 0.00001660 BTC.
  • Wanchain (WAN) traded 7.1% higher against the dollar and now trades at $0.43 or 0.00011088 BTC.
  • Mithril (MITH) traded 4.7% higher against the dollar and now trades at $0.0468 or 0.00001197 BTC.
  • Apollo Currency (APL) traded 1.3% lower against the dollar and now trades at $0.0015 or 0.00000038 BTC.
  • Raiden Network Token (RDN) traded 2.4% higher against the dollar and now trades at $0.31 or 0.00007993 BTC.
  • Nullex (NLX) traded 0% higher against the dollar and now trades at $0.0771 or 0.00001978 BTC.
  • Fluz Fluz (FLUZ) traded 22.7% higher against the dollar and now trades at $0.0135 or 0.00000345 BTC.
  • DECENT (DCT) traded 3.9% higher against the dollar and now trades at $0.0519 or 0.00001329 BTC.

ION Coin Profile

ION (CRYPTO:ION) uses the hashing algorithm. It was first traded on May 16th, 2015. ION’s total supply is 19,809,472 coins and its circulating supply is 13,909,472 coins. ION’s official message board is ion.community. ION’s official Twitter account is @ionomics and its Facebook page is accessible here. The official website for ION is ionomy.com.

Buying and Selling ION

ION can be purchased on the following cryptocurrency exchanges: Trade By Trade, Upbit and Bittrex. It is usually not presently possible to purchase alternative cryptocurrencies such as ION directly using U.S. dollars. Investors seeking to acquire ION should first purchase Ethereum or Bitcoin using an exchange that deals in U.S. dollars such as Gemini, Coinbase or GDAX. Investors can then use their newly-acquired Ethereum or Bitcoin to purchase ION using one of the exchanges listed above.

Receive News & Ratings for ION Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for ION and related companies with MarketBeat.com’s FREE daily email newsletter.

Related Posts:

  • No Related Posts

Zilliqa (ZIL) Achieves Market Capitalization of $148.95 Million

Zilliqa (CURRENCY:ZIL) traded 2.9% higher against the U.S. dollar during the one day period ending at 14:00 PM Eastern on March 5th. Zilliqa has a …

Zilliqa logoZilliqa (CURRENCY:ZIL) traded 2.9% higher against the U.S. dollar during the one day period ending at 14:00 PM Eastern on March 5th. Zilliqa has a market cap of $148.95 million and $11.82 million worth of Zilliqa was traded on exchanges in the last 24 hours. In the last seven days, Zilliqa has traded 5.9% higher against the U.S. dollar. One Zilliqa token can now be purchased for $0.0179 or 0.00000459 BTC on cryptocurrency exchanges including DEx.top, BitForex, UEX and Bitbns.

Here’s how related cryptocurrencies have performed in the last 24 hours:

  • XRP (XRP) traded down 0.1% against the dollar and now trades at $0.31 or 0.00007938 BTC.
  • Binance Coin (BNB) traded 3.1% higher against the dollar and now trades at $15.11 or 0.00386152 BTC.
  • Tether (USDT) traded down 0.2% against the dollar and now trades at $1.01 or 0.00025737 BTC.
  • Stellar (XLM) traded 3.1% higher against the dollar and now trades at $0.10 or 0.00002665 BTC.
  • TRON (TRX) traded 0.2% higher against the dollar and now trades at $0.0223 or 0.00000570 BTC.
  • Bitcoin SV (BSV) traded up 0.5% against the dollar and now trades at $65.85 or 0.01682627 BTC.
  • NEO (NEO) traded up 2% against the dollar and now trades at $8.88 or 0.00226954 BTC.
  • VeChain (VET) traded 16.2% higher against the dollar and now trades at $0.0053 or 0.00000136 BTC.
  • Basic Attention Token (BAT) traded up 2.8% against the dollar and now trades at $0.20 or 0.00005055 BTC.
  • TrueUSD (TUSD) traded down 0.1% against the dollar and now trades at $1.01 or 0.00025877 BTC.

Zilliqa Token Profile

Zilliqa was first traded on November 6th, 2017. Zilliqa’s total supply is 12,599,999,804 tokens and its circulating supply is 8,299,187,391 tokens. Zilliqa’s official Twitter account is @zilliqa. The Reddit community for Zilliqa is /r/zilliqa and the currency’s Github account can be viewed here. The official website for Zilliqa is www.zilliqa.com.

Zilliqa Token Trading

Zilliqa can be traded on these cryptocurrency exchanges: DEx.top, WazirX, DragonEX, Coinone, Gate.io, FCoin, Binance, Huobi, Tokenomy, Kyber Network, Ethfinex, BitForex, Zebpay, Bithumb, IDEX, GOPAX, Koinex, Upbit, OTCBTC, AirSwap, BitMart, OKEx, Radar Relay, Bitbns, Kucoin, OOOBTC, HitBTC, BiteBTC, Korbit, Coinhub, UEX, EtherDelta (ForkDelta), Hotbit and DDEX. It is usually not possible to buy alternative cryptocurrencies such as Zilliqa directly using US dollars. Investors seeking to acquire Zilliqa should first buy Ethereum or Bitcoin using an exchange that deals in US dollars such as Gemini, GDAX or Changelly. Investors can then use their newly-acquired Ethereum or Bitcoin to buy Zilliqa using one of the aforementioned exchanges.

Receive News & Ratings for Zilliqa Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Zilliqa and related companies with MarketBeat.com’s FREE daily email newsletter.

Related Posts:

  • No Related Posts