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One of the most notorious scammers in the history of #cryptovalute is Mark Karpelès, the former #ceo of Mt. Gox, one of the first and largest #Bitcoin trading platforms
### The Rise of Mt. Gox
Mt. Gox, short for "Magic: The Gathering Online Exchange," was initially a site for trading playing cards. However, in 2010, under the leadership of Jed McCaleb and later Mark Karpelès, the platform transformed into a Bitcoin exchange. With the growing interest in Bitcoin, Mt. Gox quickly became the largest exchange, handling approximately 70% of global Bitcoin transactions.
### The Fall of Mt. Gox
In February 2014, Mt. Gox suspended trading operations, shut down its website and exchange service, and filed for bankruptcy. Karpelès announced that approximately 850,000 Bitcoins, belonging to both customers and the company, had "disappeared," likely due to a hacker attack. At the time, these Bitcoins were worth around $450 million. Subsequent investigations revealed that much of the missing funds had been misappropriated over several years, exposing serious gaps in the exchange's security and management.
### The Investigation and the Trial
Japanese authorities arrested Karpelès in 2015 on charges of data embezzlement and manipulation. During the trial, he was accused of transferring $3 million from client accounts to his personal accounts to finance personal purchases and unrelated business. Karpelès denied the charges of embezzlement, but admitted to having manipulated the data to hide losses due to hackers.
### The verdict
In March 2019, a court in Japan convicted Karpelès of data falsification, but acquitted him of embezzlement charges. He was sentenced to two and a half years in prison, suspended for four years, meaning he will not have to serve the sentence if he commits no further offenses within the suspended period.
$RNDR $OP $NOT
### The Rise of Mt. Gox
Mt. Gox, short for "Magic: The Gathering Online Exchange," was initially a site for trading playing cards. However, in 2010, under the leadership of Jed McCaleb and later Mark Karpelès, the platform transformed into a Bitcoin exchange. With the growing interest in Bitcoin, Mt. Gox quickly became the largest exchange, handling approximately 70% of global Bitcoin transactions.
### The Fall of Mt. Gox
In February 2014, Mt. Gox suspended trading operations, shut down its website and exchange service, and filed for bankruptcy. Karpelès announced that approximately 850,000 Bitcoins, belonging to both customers and the company, had "disappeared," likely due to a hacker attack. At the time, these Bitcoins were worth around $450 million. Subsequent investigations revealed that much of the missing funds had been misappropriated over several years, exposing serious gaps in the exchange's security and management.
### The Investigation and the Trial
Japanese authorities arrested Karpelès in 2015 on charges of data embezzlement and manipulation. During the trial, he was accused of transferring $3 million from client accounts to his personal accounts to finance personal purchases and unrelated business. Karpelès denied the charges of embezzlement, but admitted to having manipulated the data to hide losses due to hackers.
### The verdict
In March 2019, a court in Japan convicted Karpelès of data falsification, but acquitted him of embezzlement charges. He was sentenced to two and a half years in prison, suspended for four years, meaning he will not have to serve the sentence if he commits no further offenses within the suspended period.
$RNDR $OP $NOT
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🆕️NEW BANKING RULES
#cryptovalute , the new rules for banks are postponed by a year
The decision of the group made up of central bank governors and heads of supervision (GHOS) which reports to the Basel CommitteeThe international rules on the management by banks of their exposures to crypto assets will come into force in January 2026, one year after expected in the past. This was decided by a group made up of central bank governors and the head of supervision (GHOS) which reports to the Basel Committee. The decision was motivated by the need to ensure that all members fully implement the new rules. The consultation initiated by Ghos himself will continue until the end of this year at the end of which a further review is expected. The Basel Committee is the main reference body worldwide for the prudential regulation of banks and constitutes a forum for cooperation on banking supervision. Its mandate is to strengthen the regulation, supervision and practices of #banche s around the world with the aim of improving financial stability. The Committee reports to the Group of Central Bank Governors and Heads of Supervision and requests its support for major decisions. The Committee has no formal supranational authority and its decisions have no legal value. Rather, the Committee relies on the commitment of its members to carry out its mandate. The Group of Central Bank Governors and Supervisory Heads is chaired by Tiff Macklem, Governor of the Bank of Canada. The Basel Committee is chaired by Pablo Hernández de Cos, governor of the Bank of Spain.
The decision of the group made up of central bank governors and heads of supervision (GHOS) which reports to the Basel CommitteeThe international rules on the management by banks of their exposures to crypto assets will come into force in January 2026, one year after expected in the past. This was decided by a group made up of central bank governors and the head of supervision (GHOS) which reports to the Basel Committee. The decision was motivated by the need to ensure that all members fully implement the new rules. The consultation initiated by Ghos himself will continue until the end of this year at the end of which a further review is expected. The Basel Committee is the main reference body worldwide for the prudential regulation of banks and constitutes a forum for cooperation on banking supervision. Its mandate is to strengthen the regulation, supervision and practices of #banche s around the world with the aim of improving financial stability. The Committee reports to the Group of Central Bank Governors and Heads of Supervision and requests its support for major decisions. The Committee has no formal supranational authority and its decisions have no legal value. Rather, the Committee relies on the commitment of its members to carry out its mandate. The Group of Central Bank Governors and Supervisory Heads is chaired by Tiff Macklem, Governor of the Bank of Canada. The Basel Committee is chaired by Pablo Hernández de Cos, governor of the Bank of Spain.