Group of Investors Seek to Buy Mt. Gox And Revive It

Group of Investors Seek to Buy Mt. Gox And Revive It

The Wall Street Journal reports (paywall) this evening that an investor group "with Hollywood ties" is hoping to buy out disgraced bitcoin exchange Mt. Gox for a whole bitcoin. Yes, you read correctly. One bitcoin, or about $390 at the currency exchange rate. The investors, one of which included former child actor Brock Pierce hopes to bring the exchange back to life. Other investors in the group include William Quigley of Venture Partners, and John Betts, who previously worked on trading systems at big-name firms like Morgan Stanley and Goldman Sachs. Such an acquisition would however....


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A group of former Mt. Gox customers have not given up on a bold plan to revive the defunct bitcoin exchange. The claimants are already involved in two proposed class-action lawsuits against Mt. Gox and their lawyers claim to have reached a deal with US-based investors to prop up the exchange. Details of the proposed settlement were filed with a District Court in Chicago on Monday. Under the proposed agreement the former exchange users would get a 16.5% stake in the 'new' Mt. Gox, while the investor group, Sunlot Holdings, would take over the company. Notably, the documents also call for....

Mt. Gox Settlement Decision Delayed As Trustee Seeks US Bankruptcy Approval

The latest hearing in the ongoing legal case surrounding Mt. Gox today did not result in the approval of a proposed plan to revive the troubled Japan-based exchange, as presiding Judge Gary Feinerman decided to delay further deliberation of the matter until 13th May. The delay was requested by the defence, which argued that the settlement would stay the litigation against Mt. Gox CEO Mark Karpeles and the exchange's parent company Tibanne KK, thereby preventing these parties from fighting their case in court for an undefined period of time. The news comes amid growing uncertainty regarding....

Quotes

So the Bitcoin experience gives us a glimpse of Libertarian paradise: What life would be like with as little government interference as possible, in a market free of burdensome laws and taxes. Unfortunately, that experience looks like a total nightmare. It's characterized by radical instability, chaos, the rise of a boss-class of criminals who assassinate people they don't like, and a mass handover of wealth to a minority even smaller than the 1% that currently

Jim Edwards, Founding editor of Business Insider UK