The deal used a contract McCaleb and Karpeles worked out between them, without either of them using a lawyer. It included terms such as:
> the Seller is uncertain if mtgox.com is compliant or not with any applicable U.S. code or statute, or law of any country.
> The buyer agrees to indemnify Seller against any legal action that is taken against Buyer or Seller with regards to mtgox.com or anything acquired under this agreement.
It was only in April, after the handover, that Karpeles realised that 80,000 bitcoins (then worth $62,400) had already been missing when he bought Mt. Gox. McCaleb told him "maybe you don't really need to worry about it" and suggested he buy up more BTC to cover the shortfall, shuffle his internal accounts around, get an investor or just mine more himself - but didn’t offer any explanation of where the coins might have got to or how.
It's entirely unclear that McCaleb has the attention to detail robust financial systems require.
http://www.thedailybeast.com/articles/2016/05/19/behind-the-...
The deal used a contract McCaleb and Karpeles worked out between them, without either of them using a lawyer. It included terms such as:
> the Seller is uncertain if mtgox.com is compliant or not with any applicable U.S. code or statute, or law of any country.
> The buyer agrees to indemnify Seller against any legal action that is taken against Buyer or Seller with regards to mtgox.com or anything acquired under this agreement.
It was only in April, after the handover, that Karpeles realised that 80,000 bitcoins (then worth $62,400) had already been missing when he bought Mt. Gox. McCaleb told him "maybe you don't really need to worry about it" and suggested he buy up more BTC to cover the shortfall, shuffle his internal accounts around, get an investor or just mine more himself - but didn’t offer any explanation of where the coins might have got to or how.
It's entirely unclear that McCaleb has the attention to detail robust financial systems require.