I’m Mark Karpelès, ex-CEO of bankrupt MtGox. Ask me anything.

Dear community,

Many of you know or remember me, especially recently since the MtGox bankruptcy has been allegedly linked with Bitcoin price drops in December 2017 to February 2018. Since taking over the most active Bitcoin exchange in 2011, I ran MtGox until filing for civil rehabilitation on February 28th 2014 (which became bankruptcy less than 2 months later) because a large amount of Bitcoins went missing. Since then, four years have passed, and MtGox is still in bankruptcy today. I’ve been arrested, released under bail after a little less than one year, and am now trying to assist MtGox getting into civil rehabilitation.

I did my best trying to grow the ecosystem by running the biggest exchange at the time. It had big problems but still managed to hang in there. For a while. A quite long while, even, while the rest of the ecosystem caught up. At the end of the day, the methods I chose to try to get MtGox out of its trouble ended up being insufficient, insufficiently executed, or plain wrong.

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.

Japanese bankruptcy law has a particularly nasty outcome here, and I want to address this up front. As creditors claims were registered, those claims were registered in the valuation of Japanese Yen on the bankruptcy date. That's the only way Japanese bankruptcy law can work (most bankruptcy laws around the world operate this way for that matter). This means that the claims can be paid back in full, and there will still be over 160,000 bitcoin and bitcoin cash in assets in the Gox estate. The way bankruptcy law works 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.

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. From day one I never expected to receive anything from this bankruptcy. The fact that today this is a possibility is an aberration and I believe it is my responsibility to make sure it doesn’t happen. One of the ways to do this would be civil rehabilitation, and as it seems most creditors agree with this, I am doing my best to help make it happen. I do not want to become instantly rich. I do not ask for forgiveness. I just want to see this end as soon as possible with everyone receiving their share of what they had on MtGox so everyone, myself included, can get some closure.

I’m an engineer at heart. I want to build things. I like seeing what I build being useful, and people being happy using what I build. My drive, from day one, has been to push the limits of what is technically possible, and this is the main reason I liked and have been involved with Bitcoin in the first place. When I took over MtGox, I never imagined things would end this way and I am forever sorry for everything that’s taken place and all the effect it had on everyone involved.

Hopefully, I can make what I’ve learned in this experience useful to the community as a whole, so there can at least be something positive in the end.

Ask me anything you like.

submitted by /u/MagicalTux
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Bitcoin – The Currency of the Internet

I'm Mark Karpelès, ex-CEO of bankrupt MtGox. Ask me anything. (reddit.com)

Dear community, Many of you know or remember me, especially recently since the MtGox bankruptcy has been allegedly linked with Bitcoin price drops in December 2017 to February 2018. Since taking over the most active Bitcoin exchange in 2011, I ran MtGox until filing for civil rehabilitation on February 28th 2014 (which became bankruptcy less than 2 months later) because a large amount of Bitcoins went missing. Since then, four years have passed, and MtGox is still in bankruptcy today. I’ve…

Bitcoin

MtGox trustee confirms he did not sell BTC at same time as moving them, also didn’t affect price

There was an update over at mtgox.com today, the trustee announces he did not sell coins at the same time as moving them.

He also says he sold them in a way which would not affect market price.

There's been a lot of FUD about this over the last couple of weeks and its starting to look like it was all bullshit.

Here's the link : https://www.mtgox.com/img/pdf/20180317_qa.pdf

submitted by /u/samsonx
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Bitcoin – The Currency of the Internet

Mtgox is the best news this year, so why are people panicking?

I don't understand why not more people are happy about it. It proves that -The market crash was not due to a bubble or of people losing trust in bitcoin. – It will prevent further crashes by the same guy, and I am sure there are orgs,whales,countries that are looking to stock crypto and who is better to deal with then an organization with a legal obligation to get rid of it and have a record of being an idiot at selling bitcoin for way cheaper than the current price. I know of a whale looking to buy $ 400M in BTC and he didn't know who to contact, so he tried people in his network with no avail. The 200,000 BTC will be absorbed so quickly unless this trustee is legally obligated to continue being an idiot.

What am I getting wrong?

submitted by /u/rblocksv1
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Bitcoin – The Currency of the Internet