Kerpeles of Mt Gox Sought Control but Lacked Focus

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Kerpeles of Mt Gox Sought Control but Lacked Focus

Chief executive of Mt.Gox, Mark Kerpeles laid obstacles at the bitcoin exchange by declining to share information on bank account or bitcoin investments with anyone, a former staff said in a media report today.

Karpeles also didn’t show sufficient interest in Mt. Gox’s commercial success and lacked focus. According to an article carried by Reuters on Tuesday, the exchange’s boss wanted to keep tight control on core operations.

“He wasn’t ever focused on Mt. Gox like he should have been,” said Roger Ver, one of the bitcoin enthusiasts who had come forward to help the exchange after its systems were hacked.

After the breach, a former Mt. Gox employee says that the CEO left the firm offline as he went off to develop a more secure exchange platform. He left many user enquiries unattended to until a group of bitcoin enthusiasts offered to help.

Ver told Reuters that he could not believe it when the boss suggested they stop working to resume on Monday instead of working through the weekend to address the breach.

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As IBT reports, Mt.Gox employees asked Karpeles to reveal passwords to the exchange’s bitcoin wallets, just in case at some point he got incapacitated or was just not able to access files. He couldn’t bulge. It is reported that Karpeles stored the password in an unknown location, home and office.

Three ex-Mt.Gox employees said Karpeles sought to be liked. He took care of lunch for his entire workforce and spent a lot of money buying gadgets and equipment that made the office appear more fun. He bought robots and even beer steins.

However, the gesture of generosity wasn’t always appreciated as staff wondered why Karpeles couldn’t give them a pay rise. Their boss frustrated them further when he delayed making progress on simple tasks or giving the nod for important decisions. To register for a free 2-week subscription to ForexMinute Premium Plan, visit www.forexminute.com/newsletter.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com