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Mt. Gox

Staff questioned use of funds

29 Mar, 2014

According to interviews with Reuters, in 2012 a small group of employees met with Karepeles to ask him to address their concerns that Mt. Gox was overspending. Costs included rent in a Tokyo high-rise, high-tech gadgets such as a robot and a 3-D printer and a souped-up, racing version of the Honda Civic imported from Britain for Karpeles. They were also concerned that company expenses were being paid from the same bank account used for customer deposits. Karpeles told the group that customer money was not being used to fund the business. Several of the staff left the meeting frustrated that Karpeles would not share proof that client deposits had been protected, while Karpeles believed he had thwarted a challenge to his leadership by staff who had no right to see the books of a firm he owned and was funding.