Karpeles to Pay Off Mt. Gox Users at Curreny Rate

According to former had of well known Bitcoin exchange, he "don't want this billion dollars"
04 April 2018   1231

The former head of the once largest bitcoin exchange, Mt.Gox, once again apologized for his actions during the collapse of his company in 2014.

Mark Karpeles published a message on Reddit to former exchange users, many of whom have been trying to get their own money back for several years. Karpeles rejected the idea that he could get out with a huge amount of money.

As previously reported, Mark Karpeles can receive hundreds of millions of dollars in bitcoins, if the calculation with creditors will be made in accordance with Japanese laws, that is, in yen at the rate at the time of declaring bankruptcy of the company.

According to Karpeles, his company and himself could receive over 160,000 bitcoins and Bitcoin Cash or more than $ 1 billion at the current rate.

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.
 

Mark Karpeles

Former head, Mt. Gox

Unfortunately, in his message, Mark hadn't provide details of future calculations, which may have great impact on the cryptocurrency market. Earlier it became known that trust manager of Mt.Gox sold bitcoins and Bitcoin Cash for $ 400 million, which is associated with negative dynamics at the end of the past - the beginning of this year.

Israeli BTC Investors to Face Catch 22

They need to pay taxes from Bitcoin investing in order to avoid their property arrest, but banks don't take their money due to AML issues
06 August 2019   144

Bitcoin investors in Israel are faced with the impossibility of paying taxes, as local banks refuse to accept funds received from the sale of cryptocurrencies because of the risks of money laundering and terrorist financing. About this writes the local edition of Haaretz on August 6.

Bitcoin is not recognized as a currency in Israel, therefore, individuals must pay 25% of the income from cryptocurrency trading to the treasury, and legal entities - 47%.

Investor Ron Gross told the publication that he acquired bitcoins in 2011 and reported his income to the tax office. In 2017, the bank that served Gross began to refuse to accept funds received from the sale of bitcoins. The investor met with representatives of the bank to demonstrate to them a 70-page history of bitcoin transactions as confirmation of the origin of the funds, but failed to convince them.

The tax authority is aware of the problem, but they say the ball isn’t in their courts. I’ve tried working with almost all the banks, but the minute they hear the word ‘Bitcoin’ they freeze up.
 

Ron Gross

Bitcoin investor from Israel

 

Since Gross was unable to pay taxes on time, his bank account, home, and even scooters were arrested. According to the investor, the tax authorities know about the problem, but can do nothing.

According to Haaretz, the tax office is aware of $ 86 million in unpaid taxes on income from cryptocurrency trading. It is possible that the real amount may be significantly higher.

Roy Arav, another Bitcoin investor, kept the proceeds from trading Bitcoin in an account with Israeli bank Discount under the control of the Bit2C exchange. The bank refuses to transfer money to Arava’s personal account under the pretext that its politicians forbid it to transfer funds related to virtual assets to client accounts due to the risks of money laundering and terrorist financing.

Arav also could not pay taxes and was forced to sue the bank. According to the investor, the authorities entered his position and granted him a deferral of time for the consideration of the claim.