Trial of the founder of MtGox began

Mark Carpels is accused of theft and embezzlement of 850,000 BTC investors
10 July 2017   2785

The former head of the Bitcoin Exchange MtGox, Mark Carpeles, will appear this week before a court in Japan on charges of stealing and squandering hundreds of millions of dollars of investors. This is reported by AFP.

Blockchain

Distributed database that is used to maintain a continuously growing list of records, called blocks. 

The 32-year-old French entrepreneur was the founder of the MtGox exchange, through which, between 2011 and 2013, significant amounts of traders were held. In many respects thanks to the activity of MtGox, the price of bitcoin in its time overcame for the first time the mark of $ 1000, however, with the collapse of the exchange, it quickly went down.

bitcoin charts
Bitcoin charts

MtGox was based in Tokyo and at a certain stage was the largest trading platform in the bitcoin ecosystem. The degree of dominance of MtGox is fully explained by simple figures: about 70% of all transactions with the crypto currency passed through the exchange.

In early 2014, MtGox, was charged in a dirty game and stopped working. Mark Carpiles had later claimed that the platform had undergone a hacker attack, but a study by Japanese company WizSec, published in April 2015, showed that MtGox started withdrawing funds as early as 2011, and by 2013 there were practically no funds on the stock exchange accounts.

Bitcoin

Is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen.

The losses of MtGox investors are estimated at 850,000 BTC. At that time, this amount was about $ 480 million, at today's market rate it is about more than $ 2 billion.

In August 2015, Karpeles was arrested, and after a while he was formally charged with theft and embezzlement of investors' funds. As far known, the Frenchman led a luxurious lifestyle, renting a penthouse in Tokyo for $ 11,000 a month.

However, less than a year later - in July 2016 - Karpeles was free, paying a bail of 10 million yen. Under the terms of the deal with the authorities, Karpeles is forbidden to leave Japan, he also refused any communication with the press.

Lawyer of Karpeles, Kiichi meanwhile said that Karpeles intends to insist on his innocence.

In June, representatives of the New York blocking start-up Chainalysis said that they know the whereabouts of 650,000 BTC, disappeared from the accounts of MtGox.

Bakkt to Unveil Bitcoin Futures Test Date

Along with date announcement, COO Bakkt believes the platform will attract institutional investors and set new standards for the cryptocurrency market
14 June 2019   237

The Bakkt cryptocurrency platform has named the exact start date for testing Bitcoin futures. The first users will be allowed to test the tool on July 22.

According to Bakkt's Operations Director, Adam White, the platform will attract institutional investors and set new standards for the cryptocurrency market.

White pointed out that the wider distribution of cryptocurrencies, in particular, is hampered by unreliable pricing mechanisms and the likelihood of instantly falling rates.

Along with these problem-solving solutions that are new to digital asset markets, Bakkt also brings all the other features that institutions would expect in a versatile and broadly accessible market, including: block trades; a fee holiday through the end of the year to encourage trading; market maker incentive programs to encourage liquid markets; and integrations with ISVs and regulated brokerage platforms.
 

Adam White

COO, Bakkt

At Bakkt, two futures contracts will be presented - with daily and monthly settlements. Risk management and the securing mechanism for these contracts will meet the standards of the traditional derivatives market.