Brock Pierce Defiantly Announces the Relaunch of Mt Gox Could Be “Within 90 to 120 Days”
The hacking and losses that Mt Gox brought years ago is still a painful event for the investors that were subjected to it. The years have gone on as the assigned attorney to the case has worked to rekindle the funds, but Brock Pierce has discussed other options. He believes that the process could be sped up with a plan to launch a project called GoxRising, a revival of the former platform.
Pierce, the chairman of the Bitcoin Foundation, has held many roles in the cryptocurrency community. He has co-founded Block.one, EOS Alliance, Tether, Mastercoin, and Blockchain Capital. He also has many venture capital investments, but his present focus seems to be entirely on GoxRising, which he sat down with Forbes to speak about in an article published today.
Speaking on the decision to relaunch Mt Gox, he starts by saying that the hacking is “an ongoing problem” for the cryptocurrency. He continued,
“We want to raise the bar and show the market how we should be addressing these problems. We want to revive the exchange and give creditors that sign up ownership in that exchange.”
Pierce believes that “the intangibles of the Mt. Gox estate” would allow the relaunch to happen within 90 to 120 days, considering the “best-case scenario.’ He adds that there are “certain things” that need to change first, which may be alluding to the legality of what he is doing. There are two sides to this story – Pierce’s and former CEO Mark Karpeles’. Pierce states that his company Sunlot was involved in an agreement in 2014 with Karpeles, effectively purchasing Mt. Gox. However, from the side of Karpeles, the agreement was never reached or fulfilled, and eventually fell to the wayside.
The Forbes interviewer asked about the plan to collect the missing bitcoins, to which Pierce replied,
“I am working with creditors to establish a foundation governed by creditors for creditors, to pursue the recovery of the missing coins as well as any other claims that would support the recovery. That is not run directly by us, but we’re assisting with establishing and helping to fund the foundation, that would benefit the creditors for pursuing the missing bitcoins and other efforts.”
Pierce’s plan, the Civil Rehabilitation Plan, is vaguely discussed, as he calls it an
“opportunity to make creditors better off than with liquidation,” but he never comes back to what it does. So far, he believes that creditors are “more or less on the same page.”
The day before the Forbes interview was published, CoinTelegraph published private correspondence between themselves and Karpeles, as referenced by Bitcoin Exchange Guide. On the potential relaunch, he told the publication,
“I haven't heard at this point anything that would make this possible from Gox Rising [sic]. The published plans seem to imply reviving Mt. Gox and creating a lot of complex legal structures which may take time to happen.”
“I do not believe ‘presenting a united front’ would help things much, and if anything, any attempt to push things against the advice of the court as Brock has done before would likely result in further delays. More than anything I do not believe at this point all creditors would align behind him, so it would likely result only in more divisions.”