Former Mt. Gox CEO Says He "Doesn't Want" $1 Bilion In Leftover Liquidation Funds
Content adapted from this Zerohedge.com article : Source
Mark Karpeles is going to turn potentially turn down $1 billion because it is "distasteful".
The former Mt. Gox CEO, who is going to stand trial in Japan, could be in line for the windfall under Japanese bankrupcty laws.
Under those statutes, any money remaining after the creditors get paid is to be distributed to the shareholders. This puts Karpeles in the unforeseen position where he could get 160,000 bitcoins.
Submitted by CoinTelegraph
Defunct Bitcoin exchange Mt. Gox's ex-CEO claimed in a statement April 4 that he "doesn't want" the 160,000 BTC ($1.12 bln) that will be left after the exchange repays its creditors.
Source: CoinTelegraph
As part of a Reddit Ask Me Anything (AMA) session Wednesday, Mark Karpeles said that he found the billion dollar windfall, which will come about as a result of Japanese bankruptcy procedures, to be "distasteful".
"The way bankruptcy law works [in Japan] is that if there are any assets remaining after the creditors have been paid in full, then those assets are distributed to shareholders as part of the liquidation," he explained in introductory comments.
"That's the only way any bankruptcy law can reasonably work. And yet, in this case, it produces an egregiously distasteful outcome in that the shareholders of MtGox would walk away with the value of over 160,000 bitcoin as a result of what happened.
I don't want this. I don't want this billion dollars."
Karpeles has presided over the long process of refunding users who lost funds during Mt. Gox's infamous hack in 2014.
After being released on bail, the Frenchman has periodically appeared in the press and online to answer queries from the cryptocurrency community.
Criticism of both Karpeles and the refund process intensified in recent months after it came to light a board trustee was selling vast amounts of Bitcoin on mainstream exchanges. The volumes were so large that suspicions remain the sales unfairly influenced Bitcoin prices across the globe. Wednesday's AMA similarly saw its share of Karpeles detractors, some levelling criticism due to their questions remaining answered for long periods.
Separately, Bloomberg reported that Karpeles said he no longer is a Bitcoin believer, and sounded pessimistic about cryptocurrencies in general. "The technology is definitely here to stay, but Bitcoin may have trouble evolving and keeping up. I could be wrong about this. I've been wrong about a lot of things."
Karpeles, originally from France, said he doesn't own any Bitcoin. He also called Bitcoin's main cryptocurrency rival, Ethereum, "too untested" for any kind of serious use.
Karpeles remains on trial in Tokyo, accused of stealing money for personal use and making false deposits into the firm's account. He has pleaded not guilty and said he hopes to work again as an engineer - but not necessarily for a cryptocurrency startup. Oh, and if a movie is ever made about the rise and fall of Mt. Gox, he said he'd prefer to be played by the actor Jack Black. "I really love the guy."
Non-adapted content found at zerohedge.com: Source
The story of Mt. Gox has been a sad one for the cryptocurrency world. But what can we say? Sometimes, sh*t happens and there's nothing one can really do about it. But am surprise to hear that someone could reject that much for the simple reason that it is distasteful. Well, we'll only have to watch as this story unveil because there are lots of lessons to be learned from it.
Nice post...........
Good story.............