Brock Pierce has a plan to revive Mt. Gox

07 Feb, 2019 | Updated: 07 Feb, 2019
by David Robb
Brock Pierce has a plan to revive Mt. Gox

The failed Mt.Gox exchange, which is in the middle of proceedings to repay creditors over four years later, may soon be revived. This latest chapter in the ongoing saga involves Bitcoin Foundation director and former child star Brock Pierce.

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In an interview with TechCrunch, Pierce claimed that his investment group Sunlot Holdings already had a 12 percent stake in Mt.Gox, which was bought in 2014 for 1 BTC. His plan is to track down the remaining assets that were lost when the exchange went under, then have it fairly valued and pay back creditors the maximum amount possible. He and other shareholders would receive nothing, but they would subsequently launch a new Mt.Gox exchange.

This would be the best possible deal for creditors, who are waiting on the progress of Mt.Gox's bankruptcy rehabilitation in Japan, overseen by court-appointed trustee and veteran bankruptcy lawyer Nobuaki Kobayashi. A recent development, involving former partner CoinLab launching a $16 billion lawsuit, may hold up proceedings even further.

Read more: Mt. Gox sell-offs: leaked documents accounting for $320 million exchanged; Mt.Gox may be sued for $16 billion by CoinLab

Pierce needs over half of Mt.Gox creditors to sign up to join a creditors committee, which would petition Kobayashi. As part of this effort to drum up the support of 12,000 people, he has launched the GoxRising campaign. Another plan is to launch a GoxCoin, which would give creditors a share in the new Mt.Gox. Holders would receive a regular dividend from an independent foundation, who would attempt to track down additional lost assets.

"We want to offer [creditors] more than the bankruptcy trustee can do on its own," says Pierce. "Whether we’re successful or not, I want to see the creditors made whole."

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