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Effort arises to save Mt. Gox Bitcoin exchange from dissolution

updated 07:30 pm EDT, Thu April 17, 2014

Savegox website pops up, proposing case to resurrect Mt. Gox

A seemingly grass-roots effort has been launched to save bankrupt Bitcoin exchange Mt. Gox. The "savegox" website has cropped up, launched by an unnamed group of investors, with the goal of providing "restitution to customers" and as an added benefit to "restore faith in the digital currency." Approximately 750,000 Bitcoins belonging to customers and 100,000 coins belonging to the exchange, valued at over $450 million dollars as of March 1, were said to be lost in the hack when the Mt. Gox systems were breached unnoticed over the course of several years. Mt. Gox says there was a also $27.4 million discrepancy in its bank accounts as of Monday.

Concern has been raised by the recovery group that "no attempt has yet been made to save MtGox. There has been no audit and no hearing for us to make our case to the Tokyo District Court." Karpeles has filed in the Tokyo court for liquidation, rather than reorganization, of the exchange.

The group seeks to take control of Mt. Gox's finances, and reimburse customers immediately, with other creditors "made whole over time by sharing revenue generated from business operations and from other recovery programs, such as participating in the upside if they continue doing business with the rebuilt exchange." The group would like to start this effort immediately so they can "know the extent of the risks and the capital required to rebuild the business."



By Electronista Staff
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