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Mt. Gox supporters hope to revive the company, with creditor blessing

The old Mt. Gox won't be resurrected, but supporters hope to prevent the company's assets from being liquidated, according to reports.

Published Fri, Apr 18 2014 7:26 PM CDT   |   Updated Mon, Oct 19 2020 8:15 PM CDT

Supporters of Mt. Gox and the bitcoin currency hope to resurrect the defunct bitcoin exchange by wooing creditors to avoid liquidating current assets.

Mt. Gox supporters hope to revive the company, with creditor blessing | TweakTown.com

Just days after Mt. Gox said it won't try to rebuild the company - and invites creditors to liquidate - Mt. Gox faces a rather uncertain future.

"We need your help to stop a liquidation, which would be good neither for Mt. Gox creditors nor bitcoin's reputation with the general public and regulators," according to supporters of the new movement.

An investor group, however, does have support from creditors, and hopes to convince the court to allow it to revive Mt. Gox:

"The Tokyo district court recognized that it would be difficult for the company to carry out the civil rehabilitation proceedings and dismissed the application for the commencement of the civil rehabilitation proceedings," according to a court-appointed administrator.

NEWS SOURCE:reuters.com

An experienced tech journalist and marketing specialist, Michael joins TweakTown looking to cover everything from consumer electronics to enterprise cloud technology. A former Staff Writer at DailyTech, Michael is now the West Coast News Editor and will contribute news stories on a daily basis. In addition to contributing here, Michael also runs his own tech blog, AlamedaTech.com, while he looks to remain busy in the tech world.

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