Latest in Bankruptcy

Image credit:

Mt. Gox revival threatens customer's remaining Bitcoins, says CEO

Sean Buckley, @seaniccus
June 27, 2014
Share
Tweet
Share

Sponsored Links

First, one of the world's largest Bitcoin exchanges went dark, then it filed for bankruptcy, suffered further hacking attacks and even faced a lawsuit. Now Mark Karpelès, Mt. Gox's CEO, tells the Wall Street Journal that he's liquidating what's left of the company assets to make ends meet. "As the company head, my mission was to protect customers and employees," he said in the interview, his first public appearance since Mt. Gox collapsed. "I'm deeply sorry. I'm frustrated with myself." A court-appointed trustee now holds all of the exchange's remaining funds and assets, and is preparing to auction off domain names owned by the companies to help repay creditors and keep Tibanne -- Karpelès' other business -- alive. This includes selling bitcoins.com and akb.com. Karpelès didn't say if mtgox.com itself would be up for sale, but he is worried about its future.

Multiple parties are interested in taking over Mt. Gox and rehabilitating the service, Karpelès says, but he's worried these organizations might cannibalize customer's surviving funds to revive it. "Remaining customer money should not be touched," he told the Wall Street Journal, referring to the 200,000 Bitcoins (about $117 million) that were found in an old wallet earlier this year. Karpelès himself is keeping his distance from Bitcoin for now, but he says he wants to return to the community one day so he can tell others to learn from his mistakes. "My experience would be valuable to them, especially if they are thinking of starting up a Bitcoin business. I can tell them what they should do and shouldn't." Check out the full piece at the source link below.

All products recommended by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission.
Comment
Comments
Share
Tweet
Share

Popular on Engadget

LG's rollable OLED TV goes on sale for $87,000

LG's rollable OLED TV goes on sale for $87,000

View
Intel sells its NAND flash memory business to SK Hynix for $9 billion

Intel sells its NAND flash memory business to SK Hynix for $9 billion

View
The SSC Tuatara has broken 330 mph and shattered a world speed record

The SSC Tuatara has broken 330 mph and shattered a world speed record

View
New trailer for 'The Mandalorian' season two brings back most of our old friends

New trailer for 'The Mandalorian' season two brings back most of our old friends

View
Can Evernote make a comeback?

Can Evernote make a comeback?

View

From around the web

Page 1Page 1ear iconeye iconFill 23text filevr