Gox Rising Offers $800 per Bitcoin Claim to Buy out Mt Gox Creditors

Gox Rising has offered to buy creditor claims from the collapsed cryptocurrency exchange. Gox.

The outfit led by Brock Pierce pays $ 800 per bitcoin claim, either in BTC or cash to creditors who are unwilling to wait for the ongoing civil litigation to complete.

"Our payment would be deposited in an escrow account and would be made within 10 working days of the transfer of claim being confirmed," the company announced in one statement Thursday.

"We are aware that some investors may not want to wait any longer to see what the final solution and payout will be like and how long this payment will be delayed," it says.

At the time of the mountain. Gox's collapse six years ago BTC traded for $ 451, it claims. Gox Rising became an alternative to Mt. in early 2019. Gox's bankruptcy monitor monitors Nobuaki Kobayashi's civil rehabilitation efforts.

The Japanese stock exchange went from 70% of Bitcoin business worldwide in 2013 to bankruptcy in 2014 after more than 850,000 BTC were allegedly lost to hackers, two weeks later 200,000 bitcoins were recovered.

When the impact of the discrepancy became apparent, the exchange initially delayed withdrawals up to three months before they were completely stopped, allegedly because of the theft of Bitcoin.

Mt.Gox went into bankruptcy in 2014, but has since undergone civil rehabilitation to enable the payment of Bitcoin, which is still owed to investors. However, repayments were delayed by a series of lawsuits against the stock exchange estate.

In his statement, Gox Rising pointed out that "each claim must be examined individually" and added that "we have also explored possible ways to offer claimants better liquidity options and that all interested parties should contact."

Gox Rising's plan is to ensure that creditors receive as much money as possible. However, this also means that no additional funds are incurred BTC of Mt. Gox's estate would be sold, and "Equity (holder) will not claim the trustee's cash."

Mt. Gox's principal shareholder and former CEO, Mark Karpeles, previously questioned the feasibility and legality of the plan.

What do you think about the mountain? Gox & # 39; continued saga? Let us know in the comments below.

Image credits: Shutterstock, Pixabay, Wiki Commons

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