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Mark Karpelès on the Collapse of Mt. Gox - WBD076

5 901 views | 20 Feb. 2019

In the second part of my

In the second part of my series of interviews relating to Mt. Gox, I talk with Mark Karpelès, the CEO of the now bankrupt Bitcoin exchange. We discuss how he acquired the site, how it was hacked and who is responsible for its collapse.

woodygar

The interviewer is great

Corey Chambers

Thank You to Mark Karpelès for spending a great deal of time helping users like me to file claims. While Mark lacked the resources to fully serve and protect the beast that he attempted to control, he deserves credit for always doing the best that he can do.

Gregory Pitchure

What's the viewers opinion on what Brock Pierce is doing?

N. K. Narula

Hate this guy... what a douche.

unske

The audio is horrible !

Hayekian

This interview is awesome, been expecting it for a long time. I too survived Gox and am very pissed about the $14B claim made recently. He's quite right about most of the stuff he says. I cannot believe he stayed in solitary for 7 months!!

Reef Savvy

can not understand a word being said

Murray Flewelling

It's interesting that the owner was so eager to unload Mt Gox that he did it on a payment plan. Only as the deal was happening did he inform Mark about "some" missing btc at a time when it was still a small fraction of where it went.
It seems to me that there is a really good chance someone shrewd knew that they did not want to be holding the bag when it started steaming. This seems obvious and not very discussed in the media!

YuL

"...billion dollars, whatever..." :DDD

Gabe Higgins

This is fascinating. I survived Mt.Gox and I remember how this went down was crazy at the time, but hearing some of the details that have come to light now is insane. 500k to 600k bitcoins! Half of Satoshi's stash was taken.

BTW, Love this interview format, keep it.

Greg B Jnr

Having an audit to see how much BTC was in the Mt Gox wallet wasn't deemed to be important at the time? LoL. Dang, if Binance is anything like this I should move my funds off pronto... Scary just how incompetent / understaffed a company (if you can call it that) was that was handling this much magic internet money... I guess users were less demanding about transparency and proof of Funds are SAFU back in the days of Bitcoin being 1/3000 of its current price though

The18x18x

Piece of shit should be in jail

Bitcoin Yoda

Nice content, good work!

purewonka

Jed's perfect patsy

Cj Reichel

looks like someone learned how to use after effects:) great intro, video looks awesome. Huge improvement.

Guillaume Federle

Great interview Peter. Completely changed my opinion on Mark Karpeles. He obviously made some questionable choices when taking over the exchange and other ones upon the crisis management. However, he went through a lot personally and one should feel empathy towards this man.

Greg B Jnr

Thanks Peter and Mark

Florin D

He seems not to be very carrying about this... if “he had knew it would become that important he would have changed things”...basically I don’t care.

Tom Drummond

Very nice interview. Back when it happened, I thought it was an inside job. It wasn't.

ellisromero

Awesome video. Very informative.

Florin D

Overall, great interview!

Chris Hansen

700,000 bitcoin missing from mt gox shortly after silkroad was seized and 700,254 bitcoin came into ross's wallet. 144,000 btc seized and the remaining were already sent out of the account. any connection?

Beaver Brain

Mark was in over his head. He essentially bought a hobby website selling a nerdy virtual token, then had to manage its surprise transition into massive financial business.

Bitcoin was not mainstream at all back then. Before my MtGox account was approved, I used to use a site called Virwox to buy the virtual token for the game Second Life (because I could pay with Paypal), then sell that token for Bitcoin. The only other option for someone in Japan was Local Bitoins.

I have no hate for Mark. I'm just hoping I'll get back a portion of my BTC someday.

Dotted Cypher

Best bitcoin podcast hands down. You are INCREDIBLY underrated. You are extremely professional, well spoken, you interview literally everybody on everything. I just finished your podcast on Schnorr and Taproot today and found it extremely interesting. I've been involved with bitcoin/Ethereum since 2015 and I miss the technical talk that used to go on a lot more. Now all anyone talks about is price predictions, so it's nice to have someone like you around keeping us updated on the actual tech. One of my favorites was your last interview with Andreas Antonopoulos, he is always a pleasure to listen to. Keep up the great work my dude, you are doing a fantastic job!

Arjit Johri

Good work

Grey Dog

Difficult to understand mark, his mic is quieter and the accent

Mark karpelès

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Mt. Gox CEO Mark Karpelès Plans New Bitcoin Tech Business in Japan

2 916 views | 5 Jun. 2019

Mark Karpeles, arrested

Mark Karpeles, arrested in Japan after his bitcoin exchange collapsed from massive hacking, has started a business around the same computer technology that led to his legal troubles.

Karpeles told reporters Wednesday he wants to help make Japan a global leader in blockchain, the technology behind virtual money like bitcoin. His new company, registered in Japan, aims to create a new, secure operating system that is much faster than those currently in use, he said.

The 34-year-old Frenchman said his goal was to help Japan to regain its lead in technology, which it has lost to American companies like Apple, Amazon and Facebook over the past several decades.

"My love for Japan has not changed," Karpeles said at the Foreign Correspondents Club of Japan.

"Japan used to be engineering superpower in terms of its PCs but right now, taking the cloud for example, it's the U.S. that dominates. But I still believe in the potential Japan has and I would like to develop that," he said.

Karpeles, a computer prodigy with an interest in Japanese animation and games, moved to Japan in 2009. He was arrested in 2015 after Mt. Gox collapsed, and spent 11 months in detention. He was cleared of embezzlement and fraud allegations in March, but is appealing a conviction on charges of manipulating electronic data.

Since Karpeles received a suspended sentence he is not serving jail time. Prosecutors had demanded 10 years in prison. Karpeles said all along that he was innocent.

Bitcoin has been a legal form of payment in Japan since April 2017, and a handful of major retailers already accept bitcoin payments.

Karpeles shook his head "No" when asked if he has any cryptocurrencies. They carry high risks, he said. He has likened them in the past to musical chairs for 10,000 people.

"I wouldn't say I'm rich today," he said.

But Karpeles said he believes blockchain is still useful for cashless payments, cloud solutions and new areas called "smart contracts," or digital transactions.

It's unclear where the millions lost in the Mt. Gox hacking and collapse have gone. Mt. Gox still had about 200,000 bitcoins left in a separate storage location after 850,000, worth several hundred million dollars at the time, disappeared in 2014. Those are under the control of trustees managing its bankruptcy proceedings.

A main suspect is Alexander Vinnik, a Russian who has been indicted by a California grand jury on suspicion he used funds from the Mt. Gox hack for money laundering. The U.S., France and Russia have sought Vinnik's extradition.

Karpeles' lawyer, Nobuyasu Ogata, said the verdict in his case highlights legal gray areas for cryptocurrency crimes. He expects a verdict later this year.

While he continues to hope to find the missing bitcoins, Karpeles is putting his formidable technical skills to use as chief technology officer of his new company, Tokyo-based Tristan Technologies Co.

And in a society that tends to ostracize people who have had run-ins with the law, he said he was starting over "from zero."

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الاستثمار المربح

this man its legend

JRB

Seems that this is just another joke.

Zzz Ppp

Imagine someone trusting this fool more money

Justin Mullen

Use this code for $10 of FREE BITCOIN on Coinbase !!!

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Mark karpelès

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Mark Karpelès on the Collapse of Mt. Gox

1 713 views | 19 Feb. 2019

In the second part of my

In the second part of my series of interviews relating to Mt. Gox, I talk with Mark Karpelès, the CEO of the now bankrupt Bitcoin exchange. We discuss how he acquired the site, how it was hacked and who is responsible for its collapse.

LISTEN TO THE FULL EPISODE HERE AND ACCESS LINKS TO THE SHOW NOTES

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*****

“I am very sorry about the way things went; I wish I could go back and fix things. There is only so much I can do so I just continue helping and making sure people get as much as help as they can.”

— Mark Karpelès

Interview location: Tokyo

Interview date: Saturday 16th Feb, 2019

Company: Mt. Gox

Role: CEO

The shadow of Mt. Gox still hangs over Bitcoin some five years after it collapsed. At the time it held 7% of all Bitcoin in circulation and was the primary exchange for Bitcoin traders. It was reported that 850,000 Bitcoins had been stolen, of which 750,000 were customer coins and 100,000 were owned by Mt. Gox, though 200,000 were later found.

In the five years since, more and more information, research and analysis has pointed at a chaotic operation with poor security procedures, yet opinions range. Some label Mark anything from incompetent to a straight up fraudster while others sympathise with the challenges faced by running the worlds first Bitcoin exchange.

In this interview, I talk to Mark about the collapse of Mt. Gox, how he acquired it from Jed McCaleb, the process of civil rehabilitation and how Brock Pierce and Coinlab are holding up the distribution of funds to the creditors.

*****

00:03:00: Introductions

00:04:12: Why is Mark talking publically now?

00:04:44: What have the last 5 years been like for Mark?

00:09:42: What was it like for Mark personally?

00:13:48: Mark’s dealings with the police and the interrogation process. 00:16:47: Mark’s first conversations with Jed McCaleb and the takeover of Mt. Gox

00:18:54: Mt. Gox due diligence prior to takeover

00:20:52: Was Mark qualified to take over at Mt. Gox?

00:24:20: Challenges after the takeover and growing pains as Bitcoin adoption increases.

00:27:05: Who was responsible for the failure and bankruptcy of Mt. Gox

00:29:23: Why were the balances of cold wallets not known at Mt. Gox

00:32:51: Is there a combination of responsibility in the failure of Mt. Gox?

00:38:08: Has Mark taken enough responsibility?

00:40:41: Escalating problems due to a broken system and various hacks.

00:46:48: Was Mark at all concerned when running the exchange?

00:48:07: Willy Bot

00:49:04: The first time Mark was of the missing Bitcoins.

00:50:23: The start of the audit process.

00:54:29: Beginnings of the bankruptcy process and stopping transfers at Mt. Gox

00:57:34: The Japanese bankruptcy process

01:00:52: Could Mark claim the surplus from the bankruptcy?

01:01:42: The background to CoinLab’s lawsuit

01:07:08: The status of CoinLab’s lawsuit in the present day.

01:08:40: Brock Pierce – what is the background with him and Mark?01:12:54: Brock coming back into the Mt. Gox picture in 2018

01:15:46: Mark’s thoughts on Brock’s goals for Mt. Gox and civil rehabilitation

01:20:10: What changed Brock’s mind so drastically about Mark and Mt. Gox

01:23:22: Does Mark think that he has been misjudged or misrepresented?

01:27:39: How is this all going to end and what does the future hold for Mark?

01:31:03: Final comments

Surfer Jim

I agree with your summary. Mark seems more innocent than Jed.
Mark seems to talk more honestly, Jed talks like a liar.

Jed also had a thorough understanding of how MtGox was organized, enough to steal BTC and divert suspicion easily. One day he'll want to move those stolen Bitcoins, and when he does, I hope he is caught.

Farzher

impossible to understand at 2x

Gregory Pitchure

I have a feeling this guy isn't lying. I actually think he was set up to fail.

jorge rubio

Crapy, crapy and where are the tough questions. Sounds like you were feeding him.

fatbastard2323

First!

Arlie Jefferson

Excellent interview. I wonder why has nobody else has ever interviewed him.

xrpSwan dotCom

Surprising how soon people forget Mount Gox, and fewer yet understand that when everyone's BitCoin disappeared, along disappeared would be sellers, which eventually brought up (or supported) the price of BitCoin to new highs.

This phenomenon/occurrence is littered in Bitcoin's "seedy" history, notable examples are: FBI seizing Silk Road coins in October 2013 thus sending the Bitcoin Price from $90 to $1,000 one month later;

January 2019, Canada's QuadrigaCX CEO, Gerald William Cotten, and co-founder Michael Patryn(previously known as Fraudster Omar Dhanani), suddenly producing a death certificate in Rajasthan, India and incidentally cremated while he clutched onto the Private keys of his clients Bitcoin;

2 April 2019, Seychelles crypto-exchange bitMEX, XBTU19 and ETHM19 Auto-Deleveraging Scandal, liquidating peoples positions just before BitCoin/Etherium shot up.

November 2019, Michael Gokturk, CEO of the now-defunct Canadian Einstein Exchange, testifying that the market held between CAD 8 and 10 million of now disappeared crypto.

December 2019, 2 year anniversary of the Great Crypto Pump, BitCoin destruction could continue. Subscribe to xrpSWAN and get the true stories, not the non-sensical hype!

Mike Jones

scammer!

Coinspeed News

Fascinating story! So Jed hands over a badly coded exchange to Mark, which includes back doors to the deposit system, causing hundreds of thousand BTC to go missing over a few years, and in the mean time Jed creates Ripple, and the rest is history. Looks like Mark was the fall guy and Jed the master villain. The "coincidence" that 80k BTC flies out the window DURING the handover...

Bitcoin

in hindsight, sounds like it was a inside job. no wonder stellars in the top 10.

SoulEyeDigitalMusic

Some people actually killed themselves upon MTGox failing. I wonder about how your interviewees feel about that...

I Buy Trucks

In the Brock Peirce interview Brock said Mark Karpeles had a claim against Mt. Gox through a company that Mark owns 100% shares. A legal document in Japan. Peter McCormick said to Brock,,..."I will ask Mark about this claim" I would love to know the time stamp of when this most important question was asked. This means Mark is trying to get money. Or Brock is mistaken. What is the truth?
I missed this question or it was notasked. Why not or what is the time stamp?

gansheit

So hard to understand as a none native speaker. I gave up.

CreativeBusinessBuild

You really need to do something about the audio of your guests. It' sounds like they are speaking through an intercontinental phone line during ww2. Mark doesn't really speak native english, but I had trouble understanding Jed too and he speaks very well. Probably its a software problem.