• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Sensei Inu Logo Sensei Inu Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino
Breaking News: BREAKING: Three Arrows Capital Co-Founder Receives 4-Month Jail Sentence In Singapore
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino
Bitcoinist.com
No Result
View All Result
Breaking News: BREAKING: Three Arrows Capital Co-Founder Receives 4-Month Jail Sentence In Singapore

Mark Karpeles Admits to Tweaking Mt. Gox User Balances For Millions of Dollars

Jp Buntinx by Jp Buntinx
8 years ago
in Bitcoin, Bitcoin Acceptance, Bitcoin Breaking News Brief, Bitcoin Exchange, Bitcoin Service, Bitcoin Technology, Bitcoin Wallet, Companies, News, News teaser, Services, Technology
0

The major Bitcoin news headline this weekend came in the form of former Mt. Gox CEO Mark Karpeles being arrested in Japan. After Bitcoin exchange Mt. Gox was forced to shut down in 2014 due to “funds being stolen by hackers”, a recovery process for affected customers slowly started taking shape. But it looks like justice will be served sooner rather than later, as Mark Karpeles admitted to misusing customer funds.

Also read: MtGox: Deadline for Filing Bankruptcy Extended

Manipulating Mt. Gox Balances For Millions of DollarsBitcoinist_mark-karpeles-mt-gox

Bitcoin exchange Mt. Gox, which at one time was the largest digital currency exchange platform in the world, has always been controlled by one individual, named Mark Karpeles. Despite expanding the Mt. Gox numerous times when the workload became too much, Mark Karpeles always had a final say in matters, ranging from deposits and withdrawals to revamping the website and everything in between.

Because Mark Karpeles held such a tremendous amount of power, it only seemed to be a matter of time until that power corrupted the man. As it turns out, the “Mt. Gox hack” was not the only reason why the Bitcoin exchange had to shut down, as Mark Karpeles admitted to manipulating user balances for personal gain.

Even though the arrest warrant for Mark Karpeles lists a US$1m sum for which he will be held accountable, his recent admissions points towards a much larger sum. In fact, the amount being tossed around in the Japanese media is as large as “tens of millions of US Dollars”, which begs the question whether or not all of the “lost” Mt. Gox Bitcoins were in Karpeles’ possession or not.

Because of his actions, the Mt. Gox Bitcoin exchange became the victim of artificially created Bitcoin balances worth up to US$1m. Mark Karpeles had always denied any allegations made against him regarding the Mt. Gox matter, yet admitted to tweaking the system and user balances for a large amount of money as part of a “test”.

Whether or not that story holds any merit, will become clearer in the following weeks and months. But Mark Karpeles is now facing an additional allegation of misusing US$8.9m worth of customer funds during his time as CEO of Mt. Gox. It will be interesting to see how this story plays out, now that one of the most wanted men in the Bitcoin world is in the custody of Tokyo police forces.

What are your thoughts on this story so far? Let us know in the comments below!

Source: Japan Times

Images courtesy of Mashable and Mark Karpeles

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Jp Buntinx

Jp Buntinx

JP Buntinx is a freelance Bitcoin writer and Bitcoin journalist for various digital currency news outlets around the world. In other notes, Jean-Pierre is an active member of the Belgian Bitcoin Association, and occasionally attends various Bitcoin Meetups in Ghent and Brussels

Related Posts

Bitcoin price $30,000

Bitcoin Price Sets Sights On $30,000 As Holder Metric Hits New All-Time High

19 hours ago
Bitcoin

Bitcoin Long-Term Metrics Point To A Different Scenario Than 2019 Fakeout: Top Analyst

21 hours ago
Bitcoin

Bitcoin Hash Rate: Public Miners Account For Just 28% – Is Decentralization In Jeopardy?

24 hours ago
Bitcoin

Bitcoin Recent Hiccup: Understanding The Invalid Block 

2 days ago
BitBoy

Crypto Influencer ‘BitBoy’ Arrested Live On YouTube – Here’s What Happened

4 days ago
Bitcoin

Could Bitcoin Be On The Verge Of New ATH Rally? Analyst Identifies These Conditions

4 days ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Top Casinos

Trust Dice
Trust Dice
Punt Casino
Punt Casino
mBit
mBit

Press Releases

  • 6 Best Cryptos To Buy For Huge Growth in 2023

    2 hours ago
  • Best 7 Cryptos For Beginners To Buy

    4 hours ago
  • From Setbacks to Success: Uwerx’s Recovery/Relaunch...

    6 hours ago
  • Prepare for the Next Bull Market: The 5 Best Cryptos to Buy...

    10 hours ago
  • Meta Force and Lado Okhotnikov Presented the Results of...

    22 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino

© 2023 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.