Source: CBC News
quote: Mt. Gox and its CEO Mark Karpeles are not allowed to move any money outside of the United States and the company needs to provide full accounting of any assets it has left.
quote: I thought Bitcoins weren't a legal currency, I thought Karpeles was a French citizen who lived in Japan, I thought Mt Gox was based in Japan.I'm sure someone will tell me I am wrong, but as far as I can tell Karpeles has no legal accountability in the USA. Did Mt Gox pay taxes in the USA? If they didn't, and Karpeles didn't, then that should tell you how much legal liability they have in the USA.
quote: The funny thing about all this is that Bitcoins aren't considered currency by the US or Japan. They are considered a "speculative investment." They are also pretty much untraceable, just like cash. So, a flash drive with Bitcoins on it wouldn't have to be declared while exiting the country.So, after all the bankruptcy proceedings, if he "finds" those Bitcoins after moving to somewhere without an extradition treaty, he'd have a ton of Bitcoins to cash in and nobody would ever even know it.How much you wanna bet he's got some flash drive stashed somewhere with all those Bitcoins?
quote: 1. At the moment, there isn't any evidence of wrongdoing by the CEO himself, so there will be no criminal charges.
quote: All he needs to do is let the bankruptcy proceedings go as they will. He just has to keep enough money to get out of Japan, and that won't be very hard.
quote: Donald Trump was left will tens of millions after declaring bankruptcy four times, and easily rebuilt his investment companies after every one. This guy will probably keep $2-3 million at the very least.
quote: 2. He doesn't have to move any money. As he leaves the country, he doesn't need to declare that he has any bitcoins. They're electronically stored information. In addition, the customs officials won't even know what to look for, so they certainly aren't going to find it.
quote: Gold, diamonds, or any other physical commodity would be much harder. They're something customs inspectors can identify immediately.
quote: he won't need officially declared asylum anywhere, just a country that doesn't have an extradition treaty with Japan or the US, and there are plenty of those in South America, the Caribbean, or elsewhere.
quote: Did Mt Gox pay taxes in the USA? If they didn't, and Karpeles didn't, then that should tell you how much legal liability they have in the USA.
quote: Actually one step better he had to pay hundreds of thousands to become a federal licensed money trader in the U.S., which he did last year.
quote: I thought Bitcoins weren't a legal currency
quote: as far as I can tell Karpeles has no legal accountability in the USA