Mark Karpeles, the Chief Executive Officer of failed Bitcoin exchange Mt Gox, is one step closer to being thrown in jail with news out of Japan that he has now formally been charged in relation to crimes committed while he was running the now bankrupt exchange. He faces up to 10 years in prison if convicted.
In an interesting twist, however, those accusations didn’t list off the $500 million worth of missing bitcoin that eventually caused Mt. Gox to shut down, according to multiple reports on the arrest. Some reasoned that the Japanese prosecutors can not charge Karpeles with Embezzlement since bitcoin is a virtual currency, and according to the ruling of the Tokyo District Court, bitcoin can not be owned.
Mt. Gox was one of the most visible signs of the bitcoin bubble that captivated the tech industry in late 2013 and early 2014. It was only later that the firm adopted its new bitcoin exchange identity.
Many were interested in the quick riches that bitcoin seemed to