Home News Bitcoin Mt Gox will Not Start Again, Says Former CEO

Mt Gox will Not Start Again, Says Former CEO

February 13, 2019 16:11
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For people who were hoping that the now-defunct cryptocurrency exchange Mt. Gox would come back from the dead, there is bad news in store.

Former Chief Executive Officer (CEO) Mark Karpeles has said there will be no chance of the exchange starting its operations again. A throwaway comment by Brock Pierce, who is behind companies such as Blockchain Capital, Block.one and EOS Alliance stated that he could reboot the exchange and give better compensations to the traders affected by the exchange’s hack back in 2014 that saw a whopping BTC 850,000, as reported by news portal, Bitcoin News.

As readers would be aware, last year, the CEO said on Reddit that he was not interested in $1 Billion worth Bitcoins that he was entitled to, in the wake of the hack.

Mark has been accused of filing Bankruptcy for a huge payout, and here’s how that works. According to Japanese Bankruptcy laws, creditor’s claims are registered in Japanese Yen. At that time, Bitcoin was worth less than $1,000. But Bitcoin exploded in 2017 to a high of $20,000. Then there’s more value due to forks like Bitcoin Cash.

It was estimated that MtGox would be left with more than 160,000 Bitcoin and Bitcoin Cash after the creditors had been refunded in full. This is worth more than $1 Billion at the time of writing this article when the market is extremely bearish. Legally, MtGox shareholders are entitled to these assets.

Pierce recently claimed that he would kickstart a GoxRising movement. The campaign which already has a dedicated website states, “Gox Rising is a movement related to the Mt Gox bankruptcy process with the goal to: Keep creditors informed, Support creditors being paid out as quickly as possible, Maximize distribution to creditors, Pursue the missing coins and revive the exchange.”

Talking about a letter between Mt Gox and Pierce’s Sunlot Holding Company which was supposed to kickstart the understanding between the two companies in 2014 Karpeles said, “The letter of intent is a proposal, which was supposed to result in an agreement within 45 days, on condition of approval by the court, the trustee and/or anyone the court appoints. As far as i know no agreement was reached within 45 days, nor did the court and the trustee approve such an agreement.”

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A blockchain enthusiast, a wannabe-crypto investor and an all-around enthusiast! Loves travelling, especially to ASI-protected areas, believes in giving her best shot at everything she does! Definitely an introvert.

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