10 year jail term sought for Mt. Gox's ex-CEO for embezzlement

posted 6 months ago
Japanese prosecutors are seeking a 10 year sentence for Mark Karpeles, the former CEO of now-bankrupt Bitcoin exchange Mt. Gox. At the Tokyo District Court, prosecutors claimed that Karpeles used customers’ funds for his own personal use.

He reportedly transferred ~$3 million of customers’ money kept in a Mt. Gox bank account to his personal account during September to December 2013, according to the court indictment. The cash, they said, was taken for uses such as “investing in a software development business for personal interest.”
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