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Homepage / News November 17, 2017 155 views

Gox ICO? CEO Karpeles Floats Token Sale to Revive Bitcoin Exchange

Gox ICO? CEO Karpeles Floats Token Sale to Revive Bitcoin Exchange

A Mt Gox initial coin offering (ICO)? It really is not unthinkable, according to the defunct bitcoin exchange’s controversial CEO.

In a weblog post published yesterday, Mark Karpeles detailed attainable avenues for reviving Mt Gox, the when-dominant Japanese bitcoin exchange that collapsed amid allegations of fraud and mismanagement in early 2014. Hundreds of millions of dollars worth of bitcoin – at then-present rates – had been feared lost, though eventually 202,000 BTC&nbspwere retained as assets, under the custody of a trustee.

In the aftermath, Mt Gox entered bankruptcy, and has since been at the center of an acrimonious, years-lengthy claims procedure, like a $75 million claim from CoinLab. Prosecutors in Japan later charged Karpeles with embezzlement, with that trial beginning earlier this summer time.

The weblog post also addressed a recent bone of contention: while the value of the remaining Gox BTC has swelled as bitcoin’s value has climbed to close to $8,000 per coin, those seeking to recoup their losses might in the end gather significantly much less, if something.

And even though some are clamoring for that increase in value to be factored into the payouts, Karpeles pushed back on the idea in the weblog post, stating that those gains have not actually been realized however, among other complications (the bitcoins remain in the custody of the Mt Gox trustee).

One particular feasible avenue about the issue: reviving Mt Gox, with a price tag tag of $245 million. This could be accomplished either by way of a recapitalization by way of an equity sale or an ICO, according to Karpeles.

He wrote:

“Launch an ICO to raise cash to hypothetically revive MtGox. This sounds more challenging, each legally and due to the fact there is no guarantee of raising adequate to revive MtGox. In case there is not sufficient raised it could nevertheless be locked to be distributed to creditors, which would be better than nothing at all.”

And in a seeming acknowledgement that the notion is rather far-fetched at present, Karpeles suggested that anybody interested in recapitalizing the exchange need to get in touch.

“Should any person have 245 million USD sitting around and want to acquire MtGox, just drop me an e-mail,” he wrote.

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Disclaimer: This write-up should not be taken as, and is not intended to provide, investment guidance. Please conduct your own thorough research just before investing in any cryptocurrency.

Published at Fri, 17 Nov 2017 22:10:22 +0000