Sunlot Moves to Halt Japanese Mt. Gox Liquidation

A group of investors is splitting the bitcoin community with their plan to halt the liquidation of Mt.Gox through a purchase of the bankrupt bitcoin exchange. The group, Sunlot, has received approval from its North American and European creditors for the controversial plan and is hoping the additional support will pressure Japanese bankruptcy authorities to halt the liquidation in favor of a sale to new owners.

Sunlot believes it can offer a better deal to Mt.Gox users who collectively lost nearly half a billion dollars in lost bitcoin when the exchange collapsed. Mt.Gox customers would receive the 200,000 rediscovered Bitcoins and a 16.5 percent interest in a revived exchange. Sunlot believe that by giving these customers a stake in the exchange, they can incentivize use among those who were burned in the failure of Mt. Gox.

Groups of creditors who are suing Mt Gox in the US and Canadian courts have confirmed that they would drop their lawsuit in favor of the Sunlot plan. Disgraced CEO Mark Karpeles has notably not voiced his support.

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