Former Bitcoin Foundation CEO and Blockchain Capital founder Pierce Brock has made public the recovery plan for the dead exchange Mt Gox.
The media reports read that Pierce Brock targets restoration of the operations at the platform that used to be among the major crypto platforms as well as recovery of the company brand striving to create competition to press the current leaders Coinbase and Binance in the market. The businessman says that the bankrupt exchange’s reserves reach some $630 million and 150,000 BTC, so he plans to settle down all the challenges and issues after which the assets will be allocated among the legal owners.
At the same time, some blockchain companies are rumoured to consider Brock's plan as a sticky one, though agree that this move is likely to fix the biggest fail in the history of the cryptocurrency sector.
According to the available data, Mt Gox victims whose number reaches 24,000 people want to get their claims from Mt Gox trustee. At present, the company has 137,892 BTC, 162,106 BCH in reserve as well as coins from other forks. Besides, the trustee board chief Nobuaki Kobayashi has reportedly disposed of some of the assets for $630 million. It was reported earlier that Nobuaki Kobayashi could use BitPoint to sell assets to refund creditors.
Notably, Pierce Brock made attempt to acquire Mt Gox back in 2013. However, he faced a barrier in the form of Goldman Sachs that did not allow such purchase.
After the exchange collapsed, Pierce Brock announced that his investment group Sunlot Holdings bought Jed McCaleb's stake of 12% for just 1 BTC. Nevertheless, this report was not confirmed. Later, the businessman was said to hold talks with Mark Carpeles regarding the remaining interest (88%), but the latter tried to get out of the deal.
As Pierce commented, he intends to return customers $1.2 billion as well as estimate the stolen coins value and then reinvest it in Mt Gox shares. According to some sources, the entrepreneur intends to spend up to $700 million for that.
Nevertheless, the announced initiative requires the approval of 12,000 victims with a joint appeal to Nobuaki Kobayashi.
Brock Pierce intends to create a Gox Coin token which will prove the original lenders' ownership rights to a stake in the new company.
Now the businessman is trying to buy Mt Gox brand and domain in order to launch the exchange under the same name, excluding custodial services.