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‘GoxRising’ movement aims to restart Mt. Gox exchange

‘GoxRising’ movement aims to reboot Mt. Gox exchange

A new movement called GoxRising calls for the implementation of the rehabilitation plan of now defunct Mt. Gox exchange and restart this trading platform. This was announced by the creator of the exchange Brock Pierce in an interview with TechCrunch.

Mt. Gox is known as the exchange, which have been subjected to hacker attack in 2011 that resulted in the loss of 850 thousand BTC ($460 million at the time). Therefore, affected about 24 thousand creditors. In early 2014, the exchange announced the termination of activities; all the stolen assets were never returned to users.

Currently, the issue of indemnification of the creditors decides a group of lawyers under the supervision of a Japanese lawyer Nobuaki Kobayashi, who was appointed as a Trustee for civil rehabilitation after the bankruptcy of Mt. Gox. It is expected that the refund process will take from three to five years.

However, the GoxRising creators say that losses can be reimbursed much faster if competent persons overcome legal and technical barriers. According to TechCrunch, to date, in a trust Fund Mt. Gox holds about $ 1.2 billion: about $ 630 million in cash, almost 138 thousand BTC, 162 thousand BCH, the remaining funds transferred to the other cryptocurrencies.

Brock Pierce stated that the long-term goal GoxRising is to restart the platform, which necessary not only to return the lost funds, but also the rehabilitation of the brand and domain.

GoxRising is obligated to pay compensation to creditors in BTC and BCH and also try to restore the lost crypto assets. The founder of the movement claims that it eliminate the capital stock of Mt. Gox in favor of the new tokenized independent foundation managed by creditors, who will work toward recovering and distributing outstanding Mt. Gox assets.

The implementation of this plan will depend on the establishment of token called Gox Coin by which creditors can receive a share in the newly created Fund. However, the normative status of the token and the rights that it will provide, at the moment unknown. In addition, for successful achievement of goals, GoxRising will need 12 thousand people ― half of the total number of the affected creditors of the exchange.

This week it became known that in the spring of 2018, Nobuaki Kobayashi eliminated large amounts of BTC and BCH on the trading platform BitPoint. According to experts, eliminated amount is about 35 billion yen (318,5 billion).

Before giving the promise to stop the elimination of funds in connection with the launch of a procedure of civil rehabilitation in June 2018, Kobayashi earned the ambivalent nickname of "Tokyo bitcoin killer". The reason for this was of the opinion that liquidation of the funds Mt. Gox, organized by Kobayashi, had a strong negative impact on the BTC markets.


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