crime

MtGox CEO's arrest leaves trail of unanswered questions

16 Comments

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16 Comments
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What is in all those cardboard boxes? Air perhaps. This is a digital crime...get rid of the boxes.

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Haha nice one!!!

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Japanese prosecutors put your average removals company to shame. Due to the traditional form of paper-based administration in Japanese offices, the police, etc., just can't help themselves. If it is paper, they take it. Everything from relevant documents to takeout pizza pamphlets.

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I hate this guy but hate the fact cops can just slap a second arrest warrant on anyone so they can keep you longer.

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@gogogo

A second arrest warrant? I don't think it will stop with just two. This chap is about to experience the odyssey of the Japanese legal system, and he won't be helped by the fact that the Japanese police/prosecutors are not knowledgeable of the technologies involved. If it takes them five years to learn those technologies and find out where to look for the missing millions, Karpeles might be kept on remand indefinitely. As with other suspects in Japan, he doesn't have many rights. Added to this, because the original arrest happened in a blaze of publicity, the police want to keep him on a very short leash to avoid him leaving Japan. Rightly or wrongly, if the chap valued his freedom, he should have relocated overseas when he could, fighting the charges by remote. His staying in Japan merely put him at the mercy of the local fuzz.

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HongoTAFEinmate: Yep agreed, but going overseas would have been dangerous for this guy, at least staying in Japan he wouldn't get beaten up for walking down the street.

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What exactly was his business model? Assuming he wasn't embezzling for the moment, was he making so much he could easily afford $11,000/month in rent? I thought this was just a digital wallet site for the storage of BitCoins.

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@descendent, CEO of tech company that lost $480M in customer bitcoins probably had no trouble affording that rent.

http://www.wired.com/2014/03/bitcoin-exchange/

The Inside Story of Mt. Gox, Bitcoin’s $460 Million Disaster, March 3, 2014

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Those boxes are filled with zeros and ones.

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The biggest unanswered question is, what on earth is the point of bitcoin and why did anyone ever think it would serve any useful purpose? Obviously an invitation to just the sort of crime that M. Karpeles is being accused of.

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what on earth is the point of bitcoin

The ability to move money freely without government intervention, enabling us to have a way of living outside the eye of big brother.

why did anyone ever think it would serve any useful purpose?

It does serve useful purpose. I know a guy who runs a political commentary site, and doesn't want to be associated with it. He pays all his hosting fees through bitcoin, and therefore the site is not traceable back to his ownership.

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I see. So it's a money laundering tool. Got it.

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How is the guy I know laundering money?

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Maybe he's not. But he is availing himself of the perfect environment in which to do so.

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Maybe he's not. But he is availing himself of the perfect environment in which to do so.

Exactly. So it's not a money laundering tool. It's a tool, that can also be used for money laundering. Same as so many other things - like a laundromat for example. Laundromats can be used for money laundering, but you don't call them money laundering tools/businesses.

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