- Crypto billionaire Brock Pierce is all set to revive the controversial Mt. Gox exchange.
- Through his “Gox Rising” project, Pierce is seeking to ensure that victims of the Mt. Gox hack are paid a fair share of what has become more than a billion in assets.
Noted crypto billionaire Brock Pierce has stated his intentions of reviving the infamous Mt. Gox exchange. Mt. Gox got the world’s attention in 2014 when hackers were able to rob more than $473 Million worth of Bitcoin from the exchange. The hack happened mainly because of lackadaisical management from owner Max Karpeles.
To gain ownership of Mt Gox, Pierce called up Karpeles and purchased his 88% stake in exchange for 1 BTC through an entity called Sunlot. He bought the other 12% from Stellar/Ripple co-founder Jed McCaleb for another 1 BTC. His immediate goal is to use a legal process called “Civil Rehabilitation Plan” to ensure that victims of the Mt. Gox hack are paid a fair share of what has become more than a billion in assets. This rehabilitation plan is called the “Gox Rising” project.
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