In 2014, the biggest heist of cryptocurrency in history took place when Mt. Gox—one of the largest exchanges in the world—suffered a breach that lost it 850,000 Bitcoin.
The value of all those holdings in 2014 was around $450 million. Today, the lost funds would be worth just over $7 billion.
After this incident happened, Mark Karpelès—the CEO of Mt. Gox—faded slowly into obscurity, but he didn’t just disappear into thin air.
The man known online as MagicalTux lived a rather difficult life after the scandal, spending time on trial in Japan for embezzlement and market manipulation, and spending time in jail for a suspended one-year sentence on one of those charges back in 2015.
This made it tough for him to find a job and get on with his life as he continues to fight the charges in court..
“I have no way to be sure that I’ll still be able to work in one year, two years. So I cannot get a normal full-time job,” Karpelès told Fortune magazine.
Just recently, he began serving as Chief Technology Officer at London Trust Media, a startup accelerator for ventures that focus on creating virtual private network solutions.
The company picked him up presumably because of its recent cryptocurrency ambitions, including its recent investment into Zcash.
“Mark fought and fell. And although he fell, his skills, experience and know-how unarguably continue to exist. And so, bringing in a seasoned warrior makes perfect sense to me. I am more than willing to give a second chance to Mark in this fight’s critical hour,” said Andrew Lee, co-founder of London Trust Media.
Mark’s reputation may have taken a turn upwards after he refused to take advantage of Japanese bankruptcy law, which would have entitled him to a billion dollars.
However, some may never ignore the fact that Mt. Gox was also a venue known for market manipulation, which was most likely the cause for Bitcoin’s initial rise to $1,000 in 2014.