Brock Pierce Is Determined For A Mt. Gox Revival, Says His Plan Would Show The Power Of Bitcoin


Mt. Gox was a huge punch in the gut of the crypto industry, and Brock Pierce has been very public about his intentions of reviving the platform to help rekindle the lost funds. Legal work has been underway for a while to bring back the funds to the people who lost them, but he is unsatisfied with the timeline and has continually spoken with the media about his Gox Rising plan, which would be the name of the revival.

Even though the public has given mixed reactions over what they think of this option, Pierce maintains that the actions of the community have not fallen by the wayside, comparing it to that of the Lehman Brothers.

In an episode of the Keiser Report, Pierce said,

“Do we want it to end like Lehman Brothers, like the old financial system? Or would we like this story to end differently? Would we like this story to end in a way that demonstrates the power of the open source community and blockchain and Bitcoin[?]”

The interview actually starts off with a discussion that brings former CEO Mark Karpeles into the mix, which is a given. Pierce states that his company had originally tried to purchase Mt. Gox several times when it was still active. He even pursued it again in early 2014, shortly after the platform imploded and saw major thefts, but the story has been muddled over whether a deal happened.

While Karpeles claims nothing transpired, Pierce has continually provided a conflicting response. He even alleges that Karpeles offered to sell it for a dollar, to which the interviewer confirms that Pierce had told him those intentions at the time.

Years later, and in conjunction with a claim from Coinlab for $16 billion that could inhibit the payback of creditors, the frustration is just beginning.

After repeatedly calling Mt. Gox and Karpeles “dirty word[s],” he adds,

“I just want to make sure that creditors get all [the surplus funds] and Mark Karpeles gets zero. The only reason Mark Karpeles should care about who owns [Mt. Gox] is because he cares who potentially is the beneficiary of that potential surplus.”

Right now, everything is still in the air with the civil rehabilitation process, which has been the source of a lot of criticism from creditors and the general public. Nobuaki Kobayashi, the court’s trustee, had previously been going through the liquidation of the funds to pay out the creditors, Bitcoin’s price dropped substantially. However, there are suggestions that his decision to sell the Bitcoin in huge amounts could’ve taken down the price.

Karpeles has continually said that he has not been a participant in the wrongdoing of this case, even with the calls from the prosecution to lock him up for a decade. For all intents and purposes, Karpeles is still the CTO, which leaves Pierce in a bit of a conundrum until he legally owns the name and the platform.

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