Who Should Be Held Responsible for The Collapse of Mt. Gox Bitcoin Exchange?


Years ago Mt. Gox was evidently the largest Bitcoin exchange in the world but this wasn’t until 19th June of the year 2011 when a hacker stole credentials from a compromised computer at Mt. Gox and used them to transfer the Bitcoins to himself.

This in turn resulted to its drastic collapse and years later the victims still linger with one question, “where’s our Bitcoin”. A lot of criticism and allegations were later labelled against the then CEO of Mt. Gox Mr. Mark Karpeles owing to the fact that he was never able to fully bring to light what transpired.

Recently speaking in an interview as a guest on Brock Pierce’s podcast, Peter McCormack shares his views on a host of topics among them being the opinion he had on former CEO of Mt. Gox Mark Karpeles, his journey from being just a crypto enthusiast to how he became conversant with the crypto business and insights on a career as a crypto-podcaster.

Speaking on Mark Karpeles, he reflects on the time the two met in Japan and offers sympathy for Mark Karpeles stating that on a one-to-one level he always knew him as a “nice guy”. He continues further to say that regardless of the fact that Karpeles did many wrong things, he still has a lot of sympathy for him as he doesn’t think it was entirely his fault.

“Karpeles did a lot of stupid things, but I have a lot of sympathy for him”

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Figure 1 Image showing Peter McCormack (Bitcoin Exchange Guide)

He continues to say that the former CEO was just unlucky to have been caught up in the web. With consideration to all allegations leveled against Karpeles, Peter McCormack suggests that Karpeles just happened to be the wrong person at the wrong place and that his situation contributed to most critics labeling him fully at fault.

Among the other hot topics under discussion, Peter McCormack also reflects on his journey in the crypto world. In the interview, Peter McCormack credits a dark web marketplace Silk Road to his first discovery on cryptos.

The web was later shut down amid allegations ranging from illegal arms dealing to trafficking of drugs and the man behind it Ross Ulbricht put behind bars with Peter feeling that the sentence was rather too severe since Ross Ulbricht never participated in buying or selling.

He says that he started simply as a blogger and article writer on Bitcoin and was later convinced otherwise to start his own podcast named “WhatBitcoinDid” where he reveals having interviewed some famous crypto-proponents the likes of Jameson Lopp, Adam Back, Luke Martin, Charlie Lee, Charles Hodkinson and Hester Pierce.

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