The founder of the MtGox exchange, Mark Karpeles, against whom the lawsuit on charges of embezzlement is underway, can take advantage of the rise in the price of bitcoin to make a huge profit. This is reported by The Wall Street Journal.
Monetary claims of the creditors of the closed Japanese exchange MtGox are based on the price of bitcoin in relation to the yen as of April 2014 (50,058 yen per bitcoin). MtGox, in turn, belongs to a company controlled by the former head of the exchange Mark Karpeles. At the disposal of Karpeles is 200,000 bitcoins (assets of the bankrupt exchange), the price of which has increased 17 times since that time (836,761 yen for bitcoin).
The bankruptcy proceedings of the MtGox exchange show that millions of dollars will remain at the disposal of former shareholders after the financial claims of creditors are satisfied.
Carpels himself denies his guilt in a criminal offense and does not believe that he will be able to save even part of the money. He believes that it will be difficult for him to find a buyer. In addition, he stressed, assets after bankruptcy are usually sold at their value at the time when the company announced insolvency.
The current situation indicates that the existing regulatory framework is not designed to resolve disputes in the bankruptcy of cryptocurrency exchanges. Many creditors would like to return their money in bitcoin-equivalent, but the Japanese legislation in this context does not provide for ownership of an unphysical object.