Gox Rising comes to the rescue of Mt. Gox victims
A new movement has ignited which can probably revive the Mt.Gox exchange. The movement called Gox Rising spearheaded by Brock Pierce, a notable member of the crypto community, is seeking to cash out all the creditors in a quick payout. “Gox Rising aspires to a comprehensive, unified civil rehabilitation plan that stands to maximize creditor recovery of the estate’s current $1.2 billion in assets,” reads the Gox Rising website.
Mt.Gox in 2014 found that the exchange was being secretly robbed off cryptocurrencies. The company lost nearly 850,000 bitcoins and went bankrupt. Mt.Gox CEO, Mark Karpeles was arrested on charges of embezzlement but later released. Nobuaki Kobayashi is serving as the exchange’s trustee and is overseeing the financial debts of the company. The company is currently undergoing civil rehabilitation proceedings.
A renewed attempt
Pierce’s investment firm Sunlot Holdings has been trying to acquire Mt. Gox since 2012. Sunlot also tried to take over the civil rehabilitation proceedings but failed to do so after the CoinLab lawsuit against Mt.Gox which accused the exchange of breach of contract.
This is Pierce’s renewed attempt at acquiring Mt. Gox. He plans to restart the Mt.Gox under the name of Gox Rising Ltd. He has made a bid for all the intangible assets of the company, brand, domain names, trademark and other intellectual property. “Investors in the Company will include some of the leading early adopters and most recognized names of the crypto community,” says a document which cites the vision of the company.
Pierce seeks to build a fully licensed, institutional grade crypto exchange which is partially decentralized. The vision adds that the company will utilize “best practices in technology” to prevent future hacks and security glitches.
In an interview with TechCrunch Pierce said “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 arise from the ashes like a phoenix.”
The plan is to unite the Mt.Gox victims and demand Kobayashi to distribute the assets according to the choice of the victims. “I think that would allow the process to move faster than it would otherwise,” said Pierce. “I want to see the creditors made whole,” he added.
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