The latest attempt to bring bankrupt Japan-based bitcoin exchange Mt. Gox back to life appears to be a serious one.
Quigley's fellow investors include John Betts, a former Morgan Stanley and Goldman Sachs executive, and venture capitalist Brock Pierce. The proposal, which offered to purchase Mt. Gox for just 1 BTC, first surfaced on 10th April.
As part of the plan put forth by Quigley and his fellow investors, Betts would serve as the new Mt. Gox CEO.
Mt. Gox's precarious state
In the interview, Quigley acknowledged that Mt. Gox had losses that amounted "to the tune of several hundred million dollars". However, he said he believes that the reason why the exchange was plagued by so many problems can be attributed to its own lax practices.
Quigley said that the 1 BTC payment for the failed exchange is simply a token, stating:
Investments in bitcoin
The amount of VC investment in bitcoin has made Quigley take an interest in reviving Mt. Gox.
Quigley went on to compare the amount of investment in the bitcoin industry to the early days of the Internet, a popular comparison that has been widely invoked by bitcoin supporters.
Further, Quigley believes the current legal proceedings in Japan will allow his group of investors to bring the exchange back to life. "I want to point out that Mt. Gox is not in a traditional bankruptcy liquidation process: it’s in a civil rehabilitation process," he said.
His course of action to reboot Mt. Gox was simple:
To learn more about Quigley's bid for Mt. Gox, watch the full CNBC interview below.
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