Former Mt. Gox CEO Mark Karpeles Rejects Brock Pierces Plans to Reboot Exchange

Former Mt. Gox CEO Mark Karpeles Rejects Brock Pierces Plans to Reboot Exchange

Mark Karpeles — the former CEO of the now-defunct Bitcoin (BTC) exchange Mt. Gox — has refuted controversial crypto figure Brock Pierce's claims he can reboot the trading platform and accelerate compensation for Mr. Goxs creditors. Karpeles made his remarks in private correspondence with Cointelegraph Japan on Feb. 12.

As reported, Pierce — a crypto entrepreneur who co-founded Blockchain Capital, Block.one and EOS Alliance — is attempting to galvanize a GoxRising movement, purporting that creditor recovery would be speedier if certain legal and technical barriers were to be overcome. The plan also includes creating a united, tokenized foundation for creditors.

His long-term aim is avowedly to reboot the platform — which notoriously suffered a hack in 2011 and subsequently collapsed in early 2014, resulting in the loss of 850,000 BTC valued at roughly $460 million at the time and about $3 billion at press time.

In recent comments to Cointelegraph, Karpeles challenged Pierces legitimacy in claiming he has the rights and ability to relaunch the exchange. The dispute hinges on a letter of intent to acquire Mt. Gox that was sent from Pierces company Sunlot Holdings Ltd. to Karpeles back in 2014. Given that no final agreement was reached, the letter was duly rescinded. As Karpeles has clarified to Cointelegraph:

The letter of intent is a proposal, which was supposed to result in an agreement within 45 days, on condition of approval by the court, the trustee and/or anyone the court appoints.

As far as I know no agreement was reached within 45 days, nor did the court and the trustee approve such an agreement. We were working with our lawyers at the time in good faith to follow the terms defined there but failed to hear back from Sunlot after they assured they were working on this, including assisting in getting approval from the court.

Karpeles second contention was with Pierces claims that his initiative could expedite creditor recovery. Pierce has allegedly claimed it could be settled within a year, rather than the 3-5 years it is currently estimated to take under the

Read full story on Cointelegraph

Tags: Mark Karpeles, Brock Pierce, Reboot, Bitcoin, Blockchain Capital, Mt. Gox, Günter Schabowski