(BlockBar) Mt. Gox manager and the author of the new book “Cryptocurrency 3.0” Mark Karpeles, has come out as a vocal proponent of improved security on the blockchain and bitcoin. To be noted, in February 2014, Karpeles announced that hackers had stolen 850,000 bitcoin from Mt. Gox. The firm went bankrupt and Karpeles admitted fault. In the result of which Japanese police arrested him. The industry went from clever toy to a serious and expensive business, just in a heartbeat.
He said “Although I was able to win my case in March 2019, I am very sorry that I caused a great deal of damage to customers and caused inconvenience to the people involved. When I took over the management of Mt. Gox in 2011, I worked with the members of the field and a team of lawyers from various countries in order to cope with the system issues that will be discovered one after another and the rapidly increasing transaction volume.”
Karpeles now believes that administrators must rebuild the entire bitcoin security infrastructure. “There is still the risk of the virtual currency being stolen as a PC or hardware wallet may be hacked. In other words, with the current mechanisms and technologies, it is still impossible to eliminate risk. Innovation of cryptographic technology is a must,” he said.
According to him the reality surrounding cryptocurrency is severe. However, he does not think that a powerful organization decides to do it this way, but he thinks that a system that can provide choices to each participant ‘everyone’ is ideal. He further says if that works, even if there are security issues, that may not be possible for everyone to shift in the direction of solution without waiting for a big decision.
Karpeles wants security to be as simple and visible as the move from standard “http” to web sites secured by Secure Socket Layer (SSL) or Transport Layer Security (TLS). To be noted, an announcement about the creation of a new startup called Tristan Technologies Co has been made by him. He also said he still finds the cryptocurrency space magical.
Mayan MV is a passionate writer and cryptocurrency enthusiast. He currently serves as marketing strategist and contributor at BlockBar, based in Singapore. Mayan has started his career in blockchain technology about five years ago, and he has also written over a hundred articles that span across various fields.