Mark Karpelès, the former chief of spectacularly failed Japanese Bitcoin exchange Mt. Gox, is on trial in Japan on charges he embezzled millions from the company before its collapse. He, Mt. Gox, and his current company Tibanne (which owns 88 per cent of Mt. Gox) are all bankrupt.
Yet Karpelès could still walk away with hundreds of millions in profits from his various business schemes, reported the Wall Street Journal this week, because over 200,000 bitcoins recovered after Mt. Gox declared bankruptcy in 2014 have risen dramatically in value.
As Ars Technica notes, when Mt. Gox claimed to have lost 750,000 bitcoins belonging to customers shortly before its collapse, those were worth around $US412.5 million ($538 million…