Mt. Gox Former CEO Appeals Dismissal of Class Lawsuit

Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic

Mt. Gox Former CEO Appeals Dismissal of Class Lawsuit

  • Mt. Gox CEO Mark Karpeles acquitted of fraud charges on March 14, 2019.
  • The primary plaintiff, Gregory Greene, filed a class-action suit against Karpeles in 2014 for the loss of his holdings at Mt.Gox exchange. 
  • Karpeles plaintiff has claimed that Mr. Greene has no substantial evidence to prove their claim for conversion.

Mt. Gox CEO Mark Karpeles acquitted of fraud charges on March 14, 2019; the Tokyo district court charged Mark Karpelès for falsifying data to inflate Mt. Gox’s holdings by $33.5 million. 

There was insufficient evidence against him to prove charges of embezzlement and breach of trust, though court sentenced to the prison of two years and six months and issued a Four-year suspended sentence to avoid jail.

Recently, former CEO of Long-defunct Exchange Mt. Gox, appealed court regarding the dismissal of a class-action lawsuit filed by victims of collapsed exchange. In a document presented at Illinois district court on Wednesday, karpeles demanded relieved of his charges by the court.

In 2010, the Mt. Gox exchange launched in Tokyo, Japan. It was the leading Bitcoin exchange in the world until 2014, handling over 70% of all bitcoin transactions worldwide. Mark was the CEO and largest stakeholder in the exchange.

With the growing popularity in 2011, hackers break into a Japanese digital currency exchange, causing a loss of 850,000 Bitcoin, worth 450 million at that time. As a result of the theft attack exchange forced to shut it was trading operations in 2014.

The primary plaintiff, Gregory Greene, filed a class-action suit against Karpeles in 2014 for the loss of his holdings at Mt.Gox exchange.  

Annotation 2020-01-09 204848

The Victims of the defunct Exchange filed the Case against the exchange CEO. Last year, the Japanese court charged Mark Karpeles for Data Manipulation.

In the recent filing, Karpeles plaintiff has claimed that Mr. Greene has no substantial evidence to prove their claim for conversion. The report further explained that the Case filed by Greene has no evidence supporting the claim that is valid and subject to recovery under a purely economic injury.

The consumer fraud claim filed by Mr. Greene directly contradicted the underlying allegations in his Complaint of the purported fraud or deception, thereby dooming his claim.

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