Crypto Millionaire Wants to Relaunch MtGox

Brock Pierce believes the reserves of the bankrupt exchange are about $ 630M and 150k BTC
08 February 2019   483

Former chairman of the Bitcoin Foundation, the founder of Blockchain Capital, a venture capital firm, and a man in the Forbes richest representatives of the cryptocurrency industry according to Forbes, Brock Pierce, unveiled a plan to revive the bankrupt Mt.Gox.

Pierce plans to recreate the brand of the once largest trading platform and compete with the new giants Coinbase and Binance. According to him, the reserves of the bankrupt exchange are about $ 630 million and 150 thousand BTC. He intends to solve all legal and technological problems in order to distribute the assets between the legal owners.

The heads of several blockchain companies in a private conversation called the idea “crazy”, but recognized that it could potentially fix the biggest failure in the history of cryptocurrency business.

As part of the civil rehabilitation process, the trustees of Mt.Gox received claims for compensation from 24,000 victims. As of today, there are about 137,892 BTC in reserves, 162,106 BCH and coins from other forks. In addition, the head of the board of trustees, Nobuaki Kobayashi, has already sold $ 630 million worth cryptocurrency.

Brock Pierce said that he attempted to acquire Mt.Gox in 2013, but he was allegedly prevented by the investment bank Goldman Sachs. He also claims that even then it seemed to him that the platform had a very shaky technological base.

After the collapse of exchange, Pierce announced that his investment group Sunlot Holdings had bought Jed McCaleb's share of 12% in just 1 BTC, but this fact remains unconfirmed. The founder of Blockchain Capital allegedly negotiated with Mark Carpeles about buying the remaining 88%, but the latter, he said, tried to exit the deal.

Pierce and Sunlot Holdings intend to return to users not only the $ 1.2 billion in reserves, but also to estimate the value of the stolen coins, and then refund it at the expense of holders of shares in Mt.Gox. The entrepreneur hinted that he's ready to contribute $ 700 million.

However, for this, he needs 12 thousand victims to agree to his plan and make a joint appeal to Nobuaki Kobayashi.

Brock Pierce intends to create a Gox Coin token, which will represent the original lenders' ownership rights to a stake in the new company.

Now he is trying to acquire the brand and domain of Mt.Gox to launch the exchange of the same name without the custodial component.

Switcheo to Launch Cross-Chain ETH-NEO Atomic Swaps

Developers says that the technology of atomic swaps has been known for few years, but is not popular, since its implementation in practice is quite complicated
25 April 2019   59

Switcheo announced the official launch of the atomic swaps feature for the Ethereum and NEO blockchains.

From now on, Switcheo users have access to the inter-block exchange of their own token exchange, SWTH and ETH, which allows for the transfer of assets between two markets represented on the trading platform and makes Switcheo the first decentralized exchange that implements this functionality.

A challenge with existing trustless exchanges is that trades are confined to individual blockchains, limiting the market combinations that can be offered to users” says . With the launch of the new feature, users can now trade conveniently between ETH and NEO markets, while retaining full custody of their funds.

Ivan Poon

CEO, Switcheo

According to the developers, the technology of atomic swaps has been known for several years, but is not widely used, since its implementation in practice is quite problematic. Switcheo lead developer John Wong explained that his team spent a lot of time adapting the process to the user's needs and achieved the desired result.