Topic: "We learned that Mark only had one bank account, shared with Mt.Gox's customers" - page 3. (Read 2105 times)
August 02, 2015, 03:54:37 AM
Mark probably still blames bitcoin as his lawyers tell him its the right thing to do. Hopefully we see some justice in all this beyond just a part of the 200k coins coming back to us.
August 02, 2015, 03:14:28 AM
If people still have the balls to blame Bitcoin itself over this when it was clearly Mark Karpeles' sheer incompetence I really don't know what to think of the human species anymore.
August 02, 2015, 03:14:00 AM
It is the weakness of the centralized exchanges! We got a hard lesson from the collapse. They can do everything they like for their own profit, like manipulating the price, identify leaking, getting hacked etc.
August 02, 2015, 02:57:32 AM
As I was recently saying, this guy needs to go to prison. He was doing suspicious things, and if the story is correct then it confirms it. It doesn't really matter how Mark lost the coins, he's still to blame. He had the responsibility to hold everyone's money.
However, this story is getting very ridiculous.
I'm glad that we're soon going to finish the final chapter of Mark and Mt.Gox.
However, this story is getting very ridiculous.
Quote
I finally gathered a small group of employees to pressure Mark into answering how we spent more money than we've made, his answer was simply:
"My grandmother lives in a castle in switzerland"
What's worse is that he kept over 420K BTC in web connected computer. Mt.Gox had so much potential, but it ended up being only a huge problem. "My grandmother lives in a castle in switzerland"
I'm glad that we're soon going to finish the final chapter of Mark and Mt.Gox.
August 02, 2015, 12:48:07 AM
Well this case was used to be interesting for all the bitcoin community, now its just going ridiculous.
August 02, 2015, 12:16:30 AM
Ashley Barr is doing an AMA over on Reddit, and I hope won't mind me quoting this portion because it might be the most insane thing I have ever read in the history of bitcoin. This is an answer to the top-voted question, basically asking "What the hell happened over there?"
Quote
"A lot of ridiculousness, and a lot of nothing. I hired the initial employees, Mark hired some devs (his friends) and not a whole lot was accomplished during my time there. Everything was walled-gardened (I think I made up a word) by Mark. I recall the dev's (and Mark) playing Oblivion, super meat boy and other games while shit was hitting the fan. I don't blame the dev's, they had no access, not even a pre-production server to help Mark with the exchange. In the truest sense of the work, Mark was a maverick, making live updates to the exchange (some went well, others didn't). All in all, I felt Mt.Gox was an RPG to Mark, as he didn't quite grasp the reality that the money being in deposited into his bank account meant more to other people than just numbers on his screen.
I gave two statements, the first was more general. I told them the story of why I was dismissed. Basically, after Mark asked me to be CEO, I tried my best at due-diligence. I asked Mark to show me the financials of the company. He wouldn't, or feigned that he would do it later, all while pressuring me to take the role. Mt.Gox's trading history was public (the fee-structure wasn't, however), so me and a couple of employees calculated on an average what Mt.Gox's profits would have been. We then looked at the expenses (eye-witness expenses only [AKA, we collaborated and make a list of things we had seen were purchased for the company] so it's not accurate, but surely less than what was actually spent), and used the trading data to calculate some averages around Mt.Gox's profits. The expenditures far exceeded every model we had for income. I confronted Mark about it, told him I couldn't take the role if he couldn't explain this gross incompetence in spending (he was also asking employees other than myself to find investors...something impossible without knowing the financial status of the company). Around the same time, we learned that Mark only had one bank account, shared with Mt.Gox's customer deposits. That was the nail in the coffin."
I gave two statements, the first was more general. I told them the story of why I was dismissed. Basically, after Mark asked me to be CEO, I tried my best at due-diligence. I asked Mark to show me the financials of the company. He wouldn't, or feigned that he would do it later, all while pressuring me to take the role. Mt.Gox's trading history was public (the fee-structure wasn't, however), so me and a couple of employees calculated on an average what Mt.Gox's profits would have been. We then looked at the expenses (eye-witness expenses only [AKA, we collaborated and make a list of things we had seen were purchased for the company] so it's not accurate, but surely less than what was actually spent), and used the trading data to calculate some averages around Mt.Gox's profits. The expenditures far exceeded every model we had for income. I confronted Mark about it, told him I couldn't take the role if he couldn't explain this gross incompetence in spending (he was also asking employees other than myself to find investors...something impossible without knowing the financial status of the company). Around the same time, we learned that Mark only had one bank account, shared with Mt.Gox's customer deposits. That was the nail in the coffin."
https://www.reddit.com/r/Bitcoin/comments/3fe92x/im_ashley_barr_aka_adam_turner_the_first_mtgox/
To all those this happened to, I am so sorry... what an awful way to lose such a massive amount of money. Legal justice won't replace your savings, but it's a small measure of comfort.
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