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MtGox CEO faces likely US arrest as legal woes mount over failed bitcoin exchange


MtGox CEO faces likely US arrest as legal woes mount over failed bitcoin exchange Tech News and Analysis

Source: http://gigaom.com/2014/04/08/mtgox-ceo-f...

The head of what was the world’s biggest bitcoin exchange will almost certainly not step foot in the US for an April 17 court appearance.

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Even as the legal process winds its way through the courts, details are still emerging about MtGox’s dramatic collapse in February, and a failed plan to save it.

A Silicon Valley source who is well-known in the bitcoin community but who did not want to be named told me last month that he was approached by other bitcoin stakeholders in February about joining a plan to save and stabilize MtGox.

The person says he declined to join the plan, details of which appeared in a leaked “Crisis Strategy” document in February, in part because the plan lacked information. He also described Karpeles as “an imbecile” who had discovered it was easy to cover up earlier accounting irregularities, and then continued to do so until he was in over his head.

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Bitcoin did so well for so long that it hid the fact that MtGox didn't know what it was doing.

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