Head of Bankrupt Bitcoin Exchange Could Pocket Hundreds of Millions

Mark Karpeles, the former head of what was for a time the world’s largest Bitcoin exchange, could wind up profiting handsomely from the portal’s ignominious 2014 collapse. Those who had owned Bitcoin on the site, on the other hand, stand to lose hundreds of millions of dollars generated by the cryptocurrency’s rising value.

Mt. Gox was one of the first convenient platforms for buying and selling Bitcoin online. Much like a bank, it retained direct control of the Bitcoin that belonged to many of its users. But it shut down in early 2014, claiming that hackers had stolen hundreds of thousands of its customers’ Bitcoins. Karpeles, in addition to being publicly condemned for mismanagement, faces criminal charges of embezzlement in the case.

Nonetheless, according to the Wall Street Journal, Karpeles could make in the neighborhood of $1 billion from the bankruptcy, thanks to Japanese law’s treatment of the Gox Bitcoins…

Source: Head of Bankrupt Bitcoin Exchange Could Pocket Hundreds of Millions