Altcoin News: Bitcoin Millionaire Brock Pierce Announced His Intention to “Resurrect” the Mt.Gox Exchange

February 9th, 2019 by Marko Vidrih on ALTCOIN MAGAZINE

The former chairman of the Bitcoin Foundation, the founder of Blockchain Capital, a venture capital firm, and a figure in the Forbes richest representatives of the cryptocurrency industry, Brock Pierce, unveiled a plan to revive the bankrupt Mt.Gox.

Pierce allegedly plans to recreate the brand of the once largest trading platform and compete with the new giants Coinbase and Binance. According to him, the reserves of the bankrupt exchange are about $630 million and 150 thousand BTC. He intends to solve all legal and technological problems in order to distribute the assets between the legal owners.

As the newspaper notes, the heads of several blockchain companies in a private conversation called the idea “madness”, but recognized that it could potentially fix the biggest failure in the history of cryptocurrency business.

As part of the civil rehabilitation process, the trustees of Mt.Gox received claims for compensation from 24,000 victims. As of today, there are about 137,892 BTC in reserves, 162,106 BCH, and coins from other forks. In addition, the head of the board of trustees, Nobuaki Kobayashi, has already sold $630 million worth of cryptocurrencies.

Brock Pierce said that he attempted to acquire Mt.Gox in 2013, but he was allegedly prevented by the investment bank Goldman Sachs. He also claims that even then it seemed to him that the platform had a very shaky technological base.

“I thought that in the Mt.Gox backend there are big risks hidden. I am glad that intuition did not let down.”

After the collapse of the crypto exchange, Pierce announced that his investment group Sunlot Holdings had bought Jed McCaleb’s share of 12% for just 1 BTC, but this fact remains unconfirmed. The founder of Blockchain Capital allegedly negotiated with Mark Carpeles about buying the remaining 88%, but the latter, he said, tried to exit the deal.

Pierce and Sunlot Holdings intend to return to users not only the $1.2 billion in reserves but also to estimate the value of the stolen coins and then refund it at the expense of holders of shares in Mt.Gox. The entrepreneur hinted that he was ready to contribute $700 million.

However, for this, he needs 12 thousand victims to agree to his plan and draw up a joint appeal to Nobuaki Kobayashi.

Brock Pierce intends to create a Gox Coin token, which will represent the original lenders’ ownership rights to a stake in the new company.

Now he is trying to acquire the brand and domain of Mt.Gox to launch the exchange of the same name without the custodial component.

Earlier, another former chairman of the Bitcoin Foundation and CoinLab founder Peter Vincennes demanded 1.6 trillion yen ($16 billion) from trustees of Mt.Gox as compensation for the failed agreement between the exchange and his company. He is convinced that if the deal was successful, CoinLab would be today’s Coinbase.

Author: Marko Vidrih


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