Former Mt. Gox CEO Mark Karpeles is dipping his feet back into the crypto industry as he wants to help Japan become a powerhouse within the blockchain economy. The former CEO of the now-defunct exchange told the media on June 5 about his new venture called Tristan Technologies.
Statistically speaking, Mark Karpeles was extremely fortunate to have been found not guilty of embezzlement in Japan, which has a 99% conviction rate throughout the land. In March, Karpeles was handed down a suspended sentence of roughly two and a half years and if he stays out of trouble he won’t have to serve time. Now the former Mt. Gox CEO has announced he’s stepping back into the crypto world and revealed his new blockchain startup to media outlets. Regional publication The Mainichi detailed that Karpeles’ new venture called Tristan Technologies aims to utilize his expertise with cryptographic technology.
According to Mainichi reporters, Karpeles told the press that he wants Japan to be the global leader when it comes to blockchain technology. So he’s established a startup in the country that aims to provide a new operating system (OS) that uses a distributed ledger technology framework and claims to be faster than OS competitors.
“Japan used to be engineering superpower in terms of its PCs but right now, taking the cloud for example, it’s the U.S. that dominates,” the former Mt. Gox CEO told the press. “But I still believe in the potential Japan has and I would like to develop that — My love for Japan has not changed.”
Mark Karpeles, former CEO of Mt. Gox, says “it’s been a very long road to today” when talking about his situation. He says “I had to start form zero” about his current financial status. He added “I want to make great things in the future again and I’m working toward this goal.” pic.twitter.com/u790drJS3q
Last year, in mid-April, it was reported that Karpeles landed a C-level position as the chief technology officer (CTO) for a firm called London Trust Media (LTM). It is uncertain how long Karpeles worked there, but the firm did not stray too far from the cryptocurrency industry either. LTM is a technology company that invests in virtual private network companies and digital currencies. The startup has created apps like Inbrowser for Mobile, and a cryptocurrency market cap monitor for Slack. When Karpeles disclosed this information last year, he was interviewed by the press in Tokyo’s Shinjuku district. At the time, Karpeles also revealed that there were times after his prison release when he feared for his safety and he was still facing embezzlement charges.
“After I came out, I felt like in a kind of dream, like I didn’t feel things were real — Even today I’m not sure yet,” Karpeles told the media.
Karpeles also still runs a blog called Magicaltux.net, which shares information about cryptocurrencies and blockchain technology. In the blog he also expresses opinions concerning what should happen with the current Mt. Gox civil rehabilitation plan. “As I see things Coinlab is still today the largest obstacle to getting this situation solved promptly,” Karpeles wrote. Karpeles emphasized to the press this week that he currently holds no digital assets. “I wouldn’t say I’m rich today,” Karpeles said, noting that he was starting his life from scratch. The former exchange operator has also published a book called “Cryptocurrency 3.0” and told regional reporters in Japan that he still finds great interest in the crypto space. It’s unclear what Tristan Technologies’ new blockchain operating system will offer in a time where distributed technology projects have taken a backseat, with most people now focused on cryptocurrencies that have real use cases. But it’s a sure bet with the latest announcement that the crypto community will be hearing a lot more from the former Mt. Gox CEO.
What do you think about Mark Karpeles’ new blockchain venture? Let us know what you think about this story in the comments section below.
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Jamie Redman is a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Redman has written thousands of articles for news.Bitcoin.com about the disruptive protocols emerging today.