The well known American entrepreneur Brock Pierce has been an avid member of the cryptocurrency industry and has recently said that he wants the creditors of Mt. Gox to receive everything that they are owed. In addition to this, Pierce went to Twitter to fight with the former CEO of Mt. Gox and the majority shareholder, Mark Kapereles about his plan and whether it was even legal or not.
After announcing Gox Rising, Pierce’s ambitious idea to unite the long gone exchange’s creditors, submit a civil rehabilitation plan to get the Mt. Gox exchange back on its feet, the former child actor is walking back to just how solid these plans are.
Gox Rising was launched with the intention for it to be an alternative to Mt. Gox bankruptcy trustee Nobuaki Kobayashi’s civil rehabilitation effort. The organisation, dubbed as a way to make sure the creditors would receive as much money as they could, has published a proposed plan on its website as well as a list of goals.
In particular, there are two points that really stand out under the Gox Rising idea. No further Bitcoins from Mt Gox’s estate would be sold and according to the proposal, “equity holders will make no claim on any of the cash held by the trustee.”
Pierce gained some mixed reactions to his Gox Rising scheme and said community actions were key to making sure that the failed exchange didn’t become a cryptocurrency ‘Lehman Brothers.’ Pierce said:
“Do we want it to end like Lehman Brothers, like the old financial system? Or would we like this story to end differently? Would we like this story to end in a way that demonstrates the power of the open source community and blockchain and Bitcoin?”
The still ongoing Japanese legal process is looking to determine how the exchange’s current assets will be distributed to the creditors who are endeavouring for a Civil Rehabilitation Plan with the courts.
The infamous Mt. Gox hack and the results of said hack are burned into every crypto members memory. Five years following the incident, creditors haven’t been paid back for their losses and the case still remains stuck in the hands of bankruptcy courts and new warnings in the perplexing story keep on coming out.
Today, Brock Pierce is hoping to put things right with a recovery plan to help the victims of the Mt. Gox hack. Only time will tell if he is successful in his endeavour.