Speaking at the JBConference in Yokohama, Japan, Brock Pierce announced his intentions to bring relief "and more" to the creditors of the Mt. Gox Exchange. In February of 2014, Mt. Gox filed for bankruptcy after it found that approximately 850,000 of its customer's Bitcoin (BTC) had been lost by the exchange.
In a livestream from the conference, Pierce called Mt. Gox the "biggest sort of egg on our face" and that doing right for the creditors of Mt. Gox would "make our industry look good."
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Pierce also claims to have purchased 100% of Mt. Gox through a company, Sunlot, buying 88% of the exchange from former CEO Mark Karpeles and 12% from technical founder Jed McCaleb, now CTO of Stellar Development Foundation.
Pierce laid out his top priorities for this initiative:
- Ensure that Mt. Gox creditors receive more than the previously announced $483 per BTC lost, the price at the time of bankruptcy. Pierce wants to return 100% of the current value of cash and coin, hopefully denominated in digital currency.
- Engage in an aggressive recovery effort to find approximately 650,000 BTC that are still missing. Pierce said, "some of it can be found, a lot can be recovered."
- Relaunch the exchange, giving creditors an equity stake to continue to repay them for their losses
- Work through a separate lawsuit brought by CoinLab, a company that had partnered with Mt. Gox to run North American operations in 2012. Pierce claims that CoinLab did not make good on their agreement with Mt. Gox and therefore does not have a valid claim.
This story originally appeared on BlockchainBeach.com. You can read it at https://www.blockchainbeach.com/brock-pierce-unveils-goxrising-to-make-mt-gox-creditors-whole/