Mark Karpeles Fails to Halt US Court Case Over Mt Gox Losses
Yogita Khatri's original article for www.coindesk.com reduced by 49%
Mark Karpeles, the former CEO of bankrupt bitcoin exchange Mt. Gox, has been refused a motion to stay a U.S. court case brought by former investors.
The plaintiffs brought the case saying that they hold Karpeles "Personally liable" for any losses they occurred from their investments in bitcoin made through Mt. Gox. In his motion, Karpeles said that "Through a series of events, notably the recovery of a significant amount of lost bitcoins and the rise in the value of bitcoins, the likelihood that Plaintiffs and others will obtain a full recovery in Mt.
Gox's Japanese legal proceedings is high." "In light of the status of the Japanese proceedings, this case should be stayed in order to conserve judicial resources and to preclude unnecessary legal expenses." Karpeles is also facing a court case in Japan, where prosecutors are seeking a 10-year sentence for embezzlement over claims he used about $3 million of customers' funds for his own personal use, among other allegations. In his closing arguments in a Tokyo court in December 2018, Karpeles restated his innocence in the case. The defunct exchange first opened up the claims process for creditors last August, after the Japanese bankruptcy court overseeing the proceedings shifted the case to one of civil rehabilitation.
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