Mark Carpeles doesn't plead guilty to embezzlement

According to the prosecutors, former CEO of Mt Gox spend millions of Yeans on a canopy bed
11 July 2017   948
Bitcoin

So I am gonna try and build one using Rails.

Founder of once largest cryptocoin exchange denied the accusations of embezzlement of 850 000 BTC. This is reported by the JapanTimes. 

Trial had began at Tuesday at Tokyo District Court. Mark Karpeles, the 32-year-old French-born CEO of the now-bankrupt exchange, assures that the loses was coused by the hackers attack. 

He pleaded not guilty to both data manipulation and the embezzlement of a total of ¥341 million of customers’ money between September and December of 2013.

Karpeles swore in Japanese that he is not guilty. Additionally, he offered his "sincere apology for causing inconvenience to many clients with the bankruptcy of Mt. Gox". He also added that data manipulation was part of his company’s regular business operations.

The main reason for the Bitcoins’ disappearance was an external hacking attack.
 

Mark Karpeles
MtGox, founder

Prosecutors argued in their opening statement that Mark managed the company assets and money entrusted by the company’s clients in the same bank account, and had failed to respond to requests by company associates to separate them.

According to the prosecutors, 315 000 000 Yens were spent on 3-D printer business purchase and 6 000 000 Yens were spend on the purchase of a canopy bed for his personal use.

'Kodak Miner' Turned Out to be a Scam

KashMiner by Spotlite USA was promoted as Kodak branded bitcoin miner 
17 July 2018   137

The KashMiner bitcoin miner, exhibited at the Kodak stand during the CES technology show in Las Vegas, was in fact a product designed to mislead potential consumers and with a potentially unattainable potential return. This is reported by BBC.

Spotlite USA is licensed by Kodak's lighting division, which allows it to use the famous brand in its products. In January 2018 the company introduced its miner and announced that it intends to lease it. According to its business plan, potential users had to pay a commission before getting the device. It was expected that after depositing $ 3,400, the customer will receive a device that will allow him to easily cover expenses and receive revenue from bitcoin mining.

However the company did not have an official Kodak license to use the brand in the production of mining equipment and initially overstated the indicators of the potential profit of its device, refusing to take into account the growing complexity and costs of bitcoin mining. The advertising materials reported that KashMiner brings $ 375 a month, which, subject to a 2-year contract, would allow the client to receive $ 5,600 of profit after paying a commission. Experts from the industry of cryptocurrency call this offer a scam.

There is no way your magical Kodak miner will make the same $375 every month.
 

Saifedean Ammous

Economist

CEO Spotlite USA Halston Mikail previously reported that he plans to install hundreds of miners at the headquarters of Kodak. According to him, he already managed to place 80 miners there, but the Kodak spokesman denied this information.

While you saw units at CES from our licensee Spotlite, the KashMiner is not a Kodak brand licensed product. Units were not installed at our headquarters.
 

Kodak Spokesman

In a phone call with the BBC, Spotlite's Halston Mikail said the US Securities and Exchange Commission (SEC) had prevented the scheme from going ahead.