Mark Karpeles, the former head of defunct cryptocurrency exchange Mt. Gox, will unlikely serve time in jail following a significant acquittal by a Japanese court.

Court: Karpeles Did Not Embezzle Bitcoins

As multiple sources including Bloomberg reported March 14, Karpeles, who has been under suspicion for embezzling millions of dollars in user funds, is guilty only of record tampering in the eyes of Japanese law.

The Frenchman will serve a four-year suspended sentence, with the threat of a two-and-a-half-year jail term should he reoffend within that period.

Mt. Gox Where is Our Money

With that, Karpeles avoids the demands of prosecutors, who had sought a ten-year custodial sentence after claiming he had used the embezzled cash to fund a luxury lifestyle.

“The charge of electronic record tampering is true and deserves punishment, but there’s no criminal evidence of embezzlement,” Bloomberg quoted the court’s verdict as stating.

Translated by Yuji Nakamura, who contributed to the Bloomberg report, the verdict continued:

There is no excuse for the…

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