Developments

A previous suitor to the now-defunct Bitcoin exchange has a new plan to expedite creditor payouts

A previous potential suitor to the now-defunct Bitcoin exchange , Mt. Gox, has claimed to have a faster way to pay creditors.

As reported by TechCrunch, a movement called GoxRising seems to have a plan to speed up the process of paying creditors instead of a rehabilitation process estimated to take 3 to 5 years. The movement is being led by Brock Pierce, who had tried to acquire the Bitcoin exchange in 2013.

Pierce’s ambitions to acquire the Bitcoin exchange were hindered by Goldman Sachs which, according to Brock, “was not a fan of me buying the biggest Bitcoin exchange” possibly because of unclear cryptocurrency regulatory framework at the time.

Pierce continued:

I thought there was a big risk factor in the Mt. Gox back-end. That was my intuition and I’m glad it was because my intuition was dead right.

Now the GoxRising movement wants to:

Track down the remaining cryptocurrency that’s missing, have it all fairly valued, and then distribute the maximum amount to the robbed users.

Brock indicated that the Bitcoin exchange still has the capacity to rise again. However, for the GoxRising movement to be successful, creditors committee has to be formed and approximately half, roughly 12,000, of all Mt. Gox creditors agree to be members.

By having the committee formed, Brock argues, the creditors will have a say as to how they want the assets distributed which will consequently shorten the time it takes to pay the them.

Concerning Coinlab’s latest 16 billion U.S dollars claim, Pierce said that Coinlab’s co-founder, Peter Vessenes, wants to delay the process of paying creditors “hoping he’ll get a payday.” He added that Peter committed a crime but now wants to blame it on the Bitcoin exchange.

Do you think Pierce’s plan to pay creditors is better than the one being used by the bankruptcy trustee?

Let us know your thoughts in the comments section below.

coinmag

Philip is an experienced blogger keen on staying updated with trends and news surrounding the blockchain and Bitcoin space. With several years of freelance experience in various industries, Philip brings his knowledge and experience into the crypto space.

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