Ex-Ceo of Mt. Gox Opens up During a Reddit AMA

Exchanges, Hacks and Cybersecurity, News

The former CEO of the infamous Mt. Gox, Mark Karpelés, has taken part in a Reddit AMA (Ask Me Anything) on the r/Bitcoin subreddit. In the AMA, Karpelés revealed his opinions and intentions (both past and present) regarding Mt. Gox and its bankruptcy. He also expressed remorse when discussing the situation, saying ‘I know I didn’t handle the last, stressful days of the outdrawn and painful Gox collapse very well. I can only be humble about that in hindsight. Once again, I’m sorry.’

Karpelés made it clear that the large-scale Bitcoin and Bitcoin Cash sell-offs (which possibly harmed the market this year) were not of his doing. He stated that a trustee who was ‘appointed by the bankruptcy court‘ was the person in control of the cryptocurrency assets and that he is unable to have any say in what happens in that regard.

The former CEO remarked on his experience in jail, apathetically stating that it had ‘poor service,’ ‘bad food,’ and that he ‘would not recommend’ it. More interestingly, he used his time on Reddit to plead his innocence, adding that ‘proving this in front of a Japanese court is a challenge but [he is] not giving up.’

A recurring theme of the AMA was that of misinformation and lack of communication. During the final days before Mt. Gox’s official fall from grace, the customer service sector assured users that their funds were safe, despite the fact that they would never be seen again. Karpelés cleared this up by saying that customer support was handled by centers in the UK, India, and other countries and that he did not have the time to inform them about the subsequent bankruptcy.

Of course, the question of returning funds to those who lost out was raised multiple times. Victims of the Mt. Gox incident want their funds to be returned in the form of bitcoin rather than its equivalent fiat price at the time of the bankruptcy. The former CEO explained that the reason that is unlikely to happen is that the bankruptcy filings limit the restorative methods that can be used.  He did further add that there may still be a chance of this through Civil Rehabilitation filings and has advised those affected to make claims.

The AMA revealed several details that were previously unknown to the public. Arguably, Mark Karpelés made a serious effort to answer some of the more complex and pressing questions as well as the light-hearted ones. A safe conclusion to draw from the event is that while he played a role in the downfall of Mt. Gox, he is only one component, and there are many others who should be investigated. Unfortunately, there is no clear date as to when the Mt. Gox court proceedings will end or when people will start to see some form of remuneration, but it is possible that it could be continuing for years to come.

Kai is a cryptocurrency copywriter and professional trader. He can often be found investigating various cryptocurrencies, whitepapers, and blockchain technologies. Kai has been a professional writer for 5+ years, and has invested in 50+ different coins and tokens. He also currently studies Law and Philosophy at university.

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