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Ex Mt Gox CEO Pours Cold Water on Exchange Reboot

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Former CEO of the now-defunct cryptocurrency exchange Mt Gox Mark Karpeles has flatly refuted any attempts to restart operations of the exchange.

Comments regarding a restart were first floated by Brock Pierce, who claimed he could reboot the exchange and give better compensations to the traders affected by the exchange’s hack back in 2014 that saw a whopping BTC 850,000. The hack remains to this day the biggest single hack in terms of Bitcoin ever and the stolen amount is worth more than USD 3 billion at the latest exchange rate.

Following the hack, the exchange announced bankruptcy and slowly started the process to compensate the traders on its portal despite Bitcoin’s price increasing several times over. It reportedly had enough remaining deposits to compensate them but so far, the progress has been slow, although legal proceedings in Japan, where the exchange was based, have helped facilitate the compensation for claimants.

Pierce, the controversial crypto personality behind Blockchain Capital, and EOS Alliance, claimed recently that he would kickstart a GoxRising movement to get the exchange up and running again. Karpeles refuted this claim strongly and said that there is no agreement between Mt Gox and Pierce’s Sunlot Holding Company even though a process was started back in 2014. He said:

“The letter of intent is a proposal, which was supposed to result in an agreement within 45 days, on condition of approval by the court, the trustee and/or anyone the court appoints. As far as I know no agreement was reached within 45 days, nor did the court and the trustee approve such an agreement…”

Karpeles, along with other senior executives of Mt Gox, are still under scrutiny in courts on several counts including embezzlement of USD 3 million worth of funds from the exchange and manipulating the cash balance of the exchange. While he himself has pled not guilty, prosecutors are intent at getting a ten-year sentence for him from the court.

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