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Mt. Gox business plan paints optimistic picture prior to downfall

  • 28/02/2014 AT 19:28 by It's a Gadget Staff
  • News

Mt.Gox LogoNew documents leaked online shows that newly bankrupt Mt. Gox had big plans in Europe over the coming years. Mainly, they expected a twenty-fold increase in profits between 2014 – 2017 within their European market. All without any debt or third-party financing.

The report shows a lot of optimism for the future, which is unusual given the circumstances that the company was quietly facing in the background. Through the document, it lists the following profits earned, and the projected profits for the coming years:

  • 2013 profits of $286,000
  • 2014 profit projection of $2 million
  • 2015 projected profit of $13.85 million
  • 2016 projected profit of $39 million.

In spite of this, records show that their earnings were already on the decline at the time this report was drafted. Not to mention the debacle with the stolen funds that they had already been attempting to control.

So far, the validity of the business plan has not been confirmed. However, various media sources have attempted to get the CEO Mark Karpeles or reps for the company to confirm or deny, which they refuse to do. It doesn’t seem as though anyone is objecting.

If proven true, this could be further proof of a knowing deception by the company to keep shareholders and the market in the dark about its struggles. Already, these allegations have led to potential criminal charges in several countries.

Technology site Ars Technica has pretty much brought up the question that everyone has been asking: Mt. Gox’s intentions.

Given MtGox’s recent self-implosion, it seems that either MtGox was grossly incompetent, or it was set up as an elaborate scheme for its principals to walk away with hundreds of millions of dollars in bitcoins.

As more and more information comes to light, it is beginning to look like the latter may be a real possibility. Though it isn’t 100% certain, and only further investigation will tell for sure.

In the meantime, everyone involved in Mt. Gox is keeping a very low profile right now. Which doesn’t give us an indication, either way. If you lost millions in BitCoins from a “technical vulnerability” in your software, and kept it under wraps for an extended period as more was siphoned away, you wouldn’t want to be in the limelight whether it was intentional, or not.

Source: Mt Gox Business Plan

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