Mt. Gox Revival In Works By Crypto Entrepreneur Brock Pierce – Report

Bitcoin, Blockchain and the Law, Crime, Investing, News, Regulation | February 7, 2019 By:

The power of a brand name – even a tarnished one – can be a tempting takeover target. That’s what crypto entrepreneur Brock Pierce is betting on as he maneuvers to revive the exchange that once suffered the biggest hack in cryptocurrency history,

In an interview with TechCrunch, Pierce talked about his plans to build a new version of Mt. Gox and his way to repay the estimated 24,000 coinholders who still don’t have their funds.

The Mt. Gox story is well-known. In 2014, 850,000 bitcoin disappeared from the exchange in a series of hacks, leaving coin holders without recourse. The company collapsed and its only recently that its management is standing trial for the problems.

Pierce believes there is $630 million and 150,000 bitcoin that have been recovered from the Mt. Gox bankruptcy trust. His plan is to cut through the red tape and tech issues, distribute what’s owed, and get the brand back on track.

Mt. Gox is now tied up in bankruptcy court in Japan, as the government tries to figure out how to get compensation to the victims of the hack. There’s an estimated 137,892 Bitcoin, 162,106 Bitcoin Cash, and some other forked coins in Mt. Gox’s holdings, along with $630 million cash from the sale of 25 percent of the Bitcoin that was administratively handled by the bankruptcy trustee. He has formed a plan called GoxRising.com, calling on former coinholders of Mt. Gox to join him in petitioning the Japanese govenment trustees with a united voice.

As told to TechCrunch, Pierce and a company called Sunlot are trying to track the remaining cryptocurrency that’s missing, have it fairly valued, and then distributed. When that happens, a new Mt. Gox will arise, with a Gox Coin created to provide creditors with a stake in the revived company.

While all of this continues, Pierce is angling to buy the brand and domain for Mt. Gox, with the goal of creating a new exchange.