Proposal submitted by Mt. Gox's former CEO aims to recover $5.2B in stolen BTC via a controversial consensus change, facing opposition for potentially unde
Proposal to Recover Stolen Mt. Gox Bitcoin
The former CEO of Mt. Gox, Mark Karpelès, has submitted a proposal on GitHub aimed at recovering over $5.2 billion in stolen Bitcoin from his now-defunct exchange. According to Karpelès, the 79,956 BTC (currently in one single wallet) could be moved using a consensus rule that treats previously invalid transactions as valid—a process requiring node upgrades and activation.
Opposition and Concerns Over Bitcoin’s Immutability
The proposal faced immediate backlash on forums like Bitcointalk. Critics argue that such a change would undermine the decentralized and immutable nature of Bitcoin, citing precedents where calls for similar measures might lead to a loss of trust in the cryptocurrency's core principles. One forum member noted, "Each hack incident will push someone to propose another new consensus rule, destroying the bitcoin concept entirely."
Mt. Gox’s Collapse: A Historical Overview
Mt. Gox was once the largest Bitcoin exchange, operating from 2010 to 2014 and handling 70% of global transactions. Despite its prominence, the platform fell victim to a series of security breaches and operational mishaps. In February 2014, it filed for bankruptcy in Tokyo, reporting a loss of over 750,000 Bitcoin, equivalent to nearly half a billion dollars at the time.
Legal and Community Perspectives
While some argue that changing consensus rules would compromise Bitcoin’s immutability, Karpelès maintains this case is unique. He contends there is both legal backing and community agreement that the targeted wallet contains stolen funds from Mt. Gox. Creditors like Samson, who received only 15% of his original investment in the bankruptcy, support the idea. Samson stated, “If those coins ever move by whatever mechanism, I want my share back.”
Conclusion
Karpelès’s proposal initiates a debate on the future of Bitcoin governance and recovery mechanisms for stolen assets. While it faces significant opposition from adherents to the cryptocurrency's core principles, it also garners support from those seeking compensation for past losses. The outcome will likely shape discussions around both Bitcoin's development process and its handling of historical controversies.
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