A Group of Mt. Gox Creditors Want to Revive the Exchange and Repay All Bitcoin (BTC)

A Group of Mt. Gox Creditors Want to Revive the Exchange and Repay All Bitcoin (BTC) 1

The Mt. Gox exchange went under after a series of hacks and lawsuits in 2013 and 2014. These events led to the loss of approximately 850,000 Bitcoin (BTC). Since then, users who had their investments locked up at the exchange have been trying to get their funds back.

GoxRising and its Aim of Accelerating a Resolution

A group of Mt. Gox creditors has thus banded together to create a knew movement known as ‘GoxRising’. The movement is registered in the British Virgin Islands under Gox Rising Limited and aims to support creditors of the Mt. Gox estate by attempting to maximize their recoveries. The movement also has a goal of reviving the exchange and create additional economic benefits for participating creditors. The final goal is to achieve a fully recovering of what was lost.

According to the movement’s website, GoxRising will present a detailed Civil Rehabilitation plan (the “CR plan”) to the Japanese Trustee by April 22, 2019.

Gox Rising has been proposed by controversial crypto celebrity, Brock Pierce. Mr. Pierce claims that he successfully bought the 12% stake owned by Mt. Gox’s founder Jed McCaleb for 1 BTC as soon as the exchange imploded. McCaleb has yet to confirm the transaction but Pierce added that his investment group of Sunlot Holdings handled the deal.

According to a TechCrunch report, Pierce and Sunlot want to track down the missing crypto and have it properly assessed for redistribution. He explained to TechCrunch the following:

Like Game of Thrones, the last season of Mt. Gox hasn’t been written. What kind of ending do we want to make for it? I’m a Joseph Campbell fan, so I’m obviously going to go with a hero’s journey, with a rise and a fall, and then a rise from the ashes like a phoenix…

Sunlot Holdings needs at least half of the affected Mt. Gox creditors (approximately 12,000) to sign up to a creditors committee to get the ball rolling on the GoxRising plan. Such a majority number would allow the process to move faster than it is right now. Pierce added,

Things are on track to be resolved in the next three to five years. If [a majority of creditors sign on] this could be resolved in maybe 1 year.

Gox Coin

Additionally, Pierce wants to create a Gox Coin for creditors who sign up to have a stake in the company. His plan is to have all Mt. Gox’s equity liquidated then arrange to finance and tokenize an independent foundation that will be run by the creditors to seek all Mt. Gox assets. The latter will be distributed pro rata to the holders of Gox Coin.

Pillars of GoxRising

The five pillars of the Gox Rising Civil Rehabilitation plan as outlined on a proposal to be submitted to the Tokyo District Court is as follows.

  • Maximize distributions to Creditors from the cash and coins held by the Mt. Gox Trustee
  • Optimize speed and precision of distributions to fiat and crypto creditors
  • Capture all cryptocurrency forks that have happened since the exchange went under
  • Provide bid for tangible assets and a vision for the new Mt. Gox Exchange
  • Continue the pursuit of residual assets including the lost/stolen coins

Vision of GoxRising

The vision of GoxRising is to achieve the following:

  1. To launch a new exchange under the banner of the most recognized crypto brand as a Phoenix rising from the ashes

  2. The New Mt. Gox Exchange to be launched as an institutional grade, fully licensed and partially decentralized crypto exchange

  3. The New Mt. Gox Exchange will welcome all Creditors, irrespective of claim size, and continue work towards full creditor recovery even after the Estate has been settled by the Trustee

What are your thoughts on Gox Rising? Is the idea plausible? Please let us know in the comment section below. 

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews

Automated trading with HaasBot Crypto Trading Bots

Blockchain/Cryptocurrency Questions and Answers

What Are E-stablecoins And How Do They Operate?
What Are E-Stablecoins And How Do They Operate?
August 11, 2022
How to Choose a Legit Crypto Casino?
August 5, 2022
Spend Crypto
5 Ways to Spend Crypto
August 2, 2022
What Is A DAO LLC?
What Is A DAO LLC?
August 2, 2022
Can Running A Lightning Node Earn You Passive Income?
Can Running A Lightning Node Earn You Passive Income?
July 5, 2022

CryptoCurrencyUSDChange 1hChange 24hChange 7d
? --- 0.00 % 0.00 %

Bitcoin (BTC) $ 23,867.00
Ethereum (ETH) $ 1,869.82
Tether (USDT) $ 1.01
USD Coin (USDC) $ 1.00
BNB (BNB) $ 314.56
Cardano (ADA) $ 0.559979
XRP (XRP) $ 0.374339
Binance USD (BUSD) $ 1.00
Solana (SOL) $ 42.95
Dogecoin (DOGE) $ 0.084779