In the second a part of my sequence of interviews regarding Mt. Gox, I discuss with Mark Karpelès, the CEO of the now bankrupt Bitcoin change. We focus on how he acquired the location, the way it was hacked and who’s liable for its collapse.
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“I am very sorry about the way things went; I wish I could go back and fix things. There is only so much I can do so I just continue helping and making sure people get as much as help as they can.” — Mark Karpelès
Interview location: Tokyo Interview date: Saturday 16th Feb, 2019 Company: Mt. Gox Role: CEO
The shadow of Mt. Gox nonetheless hangs over Bitcoin some 5 years after it collapsed. At the time it held 7% of all Bitcoin in circulation and was the first change for Bitcoin merchants. It was reported that 850,000 Bitcoins had been stolen, of which 750,00Zero have been buyer cash and 100,00Zero have been owned by Mt. Gox, although 200,00Zero have been later discovered.
In the 5 years since, increasingly data, analysis and evaluation has pointed at a chaotic operation with poor safety procedures, but opinions vary. Some label Mark something from incompetent to a straight up fraudster whereas others sympathise with the challenges confronted by operating the worlds first Bitcoin change.
In this interview, I discuss to Mark in regards to the collapse of Mt. Gox, how he acquired it from Jed McCaleb, the method of civil rehabilitation and the way Brock Pierce and Coinlab are holding up the distribution of funds to the collectors.
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00:03:00: Introductions 00:04:12: Why is Mark speaking publically now? 00:04:44: What have the final 5 years been like for Mark? 00:09:42: What was it like for Mark personally? 00:13:48: Mark’s dealings with the police and the interrogation course of. 00:16:47: Mark’s first conversations with Jed McCaleb and the takeover of Mt. Gox 00:18:54: Mt. Gox due diligence previous to takeover 00:20:52: Was Mark certified to take over at Mt. Gox? 00:24:20: Challenges after the takeover and rising pains as Bitcoin adoption will increase. 00:27:05: Who was liable for the failure and chapter of Mt. Gox 00:29:23: Why have been the balances of chilly wallets not recognized at Mt. Gox 00:32:51: Is there a mix of accountability within the failure of Mt. Gox? 00:38:08: Has Mark taken sufficient accountability? 00:40:41: Escalating issues as a consequence of a damaged system and numerous hacks. 00:46:48: Was Mark in any respect involved when operating the change? 00:48:07: Willy Bot 00:49:04: The first time Mark was of the lacking Bitcoins. 00:50:23: The begin of the audit course of. 00:54:29: Beginnings of the chapter course of and stopping transfers at Mt. Gox 00:57:34: The Japanese chapter course of 01:00:52: Could Mark declare the excess from the chapter? 01:01:42: The background to CoinLab’s lawsuit 01:07:08: The standing of CoinLab’s lawsuit within the current day. 01:08:40: Brock Pierce – what’s the background with him and Mark?01:12:54: Brock coming again into the Mt. Gox image in 2019 01:15:46: Mark’s ideas on Brock’s objectives for Mt. Gox and civil rehabilitation 01:20:10: What modified Brock’s thoughts so drastically about Mark and Mt. Gox 01:23:22: Does Mark suppose that he has been misjudged or misrepresented? 01:27:39: How is that this all going to finish and what does the long run maintain for Mark? 01:31:03: Final feedback
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