“I Don’t Want This Billion Dollars” Mt Gox CEO Rejects Post-Liquidation Funds

  • During a Reddit AMA Mt Gox CEO Mark Karpeles claimed he doesn't want to receive any funds forom the exchange's bankruptcy
  • As it stands, he is set to receive BTC worth over $1 billion, as creditors are set to get paid in Japanese yen according to their crypto holdings in 2014, not the crypto holdings themselves.

Mark Karpeles, the chief executive of now-defunct cryptocurrency exchange Mt Gox, recently surprised the cryptocurrency community with an Ask Me Anything (AMA) on Reddit, in which he revealed he doesn’t want the funds he would receive from the company’s bankruptcy.

Tokyo-based Mt Gox was once a dominant cryptocurrency exchange, that collapsed back in 2014 amid claims of insolvency and security breaches. Hundreds of millions of dollars worth of BTC were lost at the time, causing the cryptocurrency’s price to crash. About 200,000 BTC were later on found.

Karpeles currently stands to receive leftover funds after the exchange’s users have all been reimbursed. This, as creditors are going to be paid the value of their bitcoin holdings in fiat currency, according to the value the cryptocurrency had in 2014 – about $480 per BTC.

Reports suggest Karpeles would receive over 160,000 bitcoin and bitcoin cash, an amount worth well over $1 billion at current prices. On Reddit, speaking to some of Mt Gox’s creditors, who’ve been locked in a years-long battle to retrieve their lost funds, the ex-CEO of the now-defunct exchange stated:

"I don't want this. I don't want this billion dollars. From day one I never expected to receive anything from this bankruptcy. The fact that today this is a possibility is an aberration and I believe it is my responsibility to make sure it doesn't happen."

Mark Karpeles

He added that he isn’t looking to instantly become rich, nor is he looking for forgiveness. He is, instead, just looking to see the situation’s end “as soon as possible.” Karpeles further highlighted that he supports a ‘civil rehabilitation’ plan, which would give the exchange’s creditors the ability to vote on its future.

This, in turn, could mean creditors end up getting paid back in BTC and other cryptocurrencies derived from bitcoin’s forks, not fiat currency. The former Mt Gox CEO claimed he is currently doing his best for this to be the situation’s outcome.

Karpeles took advantage of the opportunity to apologize to the exchange’s users, stating he “never imagined things would end this way and I am forever sorry for everything that’s taken place and all the effect it had on everyone involved.”

As covered, last month it was revealed Mt Gox’s trustee Nobuaki Kobayashi sold roughly $400 million worth of bitcoin and bitcoin cash, in an attempt to refund users. The controversial sale, the trustee claims, didn’t affect cryptocurrency markets. Kobayashi is believed to still hold 160,000 BTC and BCH, that can be sold later on.