Despite Impending Liquidation, American Investors Seek To Revive Mt. Gox

Despite Impending Liquidation, American Investors Seek To Revive Mt. Gox

With news this week that disgraced bitcoin exchange Mt. Gox would be liquidated due to complexities in the rehabilitation process, it seemed like the story was just about over for the company. U. S. investors are hoping to keep it going, it seems, attempting to convince a Japanese bankruptcy court to allow them to keep Mt. Gox alive and proceed with the rehabilitation process. The investors have launched a website for their initiative aptly named 'SaveGox.com', outlining their plan for a re-launch of the service with plans to establish a recovery fund to pay back investors who lost money....


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Creditors Who Owned 70% of Bitcoins on Mt. Gox Support Buyout, Says Investor

Just a few days ago, it was reported that American investors were hoping to acquire and revive disgraced bitcoin exchange Mt. Gox for one bitcoin (saying they would later relaunch and repay investors). This morning, we're getting some more information on the topic via the Wall Street Journal. According to John Betts from Sunlot Holdings (one of the investors involved with the proposed acquisition), creditors who owned over 70 percent of the bitcoins stored on the Tokyo-based exchange are in support of the idea to revive the operation. That, of course, must first be approved by a bankruptcy....

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....

Kraken Announces ‘Significant Progress’ with Mt Gox Claims

SAN FRANCISCO, CA – Kraken has announced significant progress in the Mt Gox liquidation. Back in November of 2014, the exchange began the process of assisting the Tokyo district court-assigned trustee in the case and has been handling the claims. Out of 9,863 persons who filed Bitcoin-only claims, 7,952 claimants have so far been approved. When the exchange offered to aid the bankruptcy liquidation process, managing director of Kraken’s Japanese operations, Ayako Miyaguchi, told reporters,”We hope to revive bitcoin’s reputation and create a healthy market for it, ultimately leading to....

Bitcoin Price - The Greece Connection Explained

Bitcoin prices experienced a sudden surge earlier last week. The price which was hovering at around 225 USD to 227 USD suddenly shot up to cross 250 USD. So what caused the sudden surge and what does it imply? First, let us get to the bottom of the price gain and to do that, we need to have some knowledge of current world affairs, especially in Europe (which most of us might already know). One of the nations in the European Union (EU), Greece has been in troubled waters for a while now. The country started experiencing an economic slowdown in 2008 and the condition has been deteriorating....

Mt. Gox To Be Liquidated

A Japanese bankruptcy court declared this week that collapsed Bitcoin exchange Mt. Gox will not be permitted to reorganize and therefore must enter liquidation. The court rejected Mt. Gox's petition (similar to a Chapter 7 filing in the United States) on the grounds that the plan of reorganization submitted by Mt. Gox is unlikely to be successful. Moreover, the court claimed that CEO Mark Karpeles has lost the confidence of creditors and customers whose cooperation would be necessary to carry out the reorganization under Japanese law. Liquidation comes as unwelcome news to Mt. Gox's....

Quotes

Yes, [we will not find a solution to political problems in cryptography,] but we can win a major battle in the arms race and gain a new territory of freedom for several years. Governments are good at cutting off the heads of a centrally controlled network like Napster, but pure P2P networks like Gnutella and Tor seem to be holding their own.

Satoshi Nakamoto, Bitcoin Developer