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Mt. Gox CEO's Proposal to Rewrite Bitcoin Code Fails in 17 Hours

Guavy AI Editorial Team
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Mark Karpelès, the former CEO of collapsed exchange Mt. Gox, proposed a hard fork to Bitcoin's code that would redirect 79,956 BTC, worth approximately $5 billion at current prices, frozen since 2011 to a recovery address.

The proposal, submitted as a pull request over the weekend, aimed to aid creditors in recovering stolen funds but was closed within 17 hours. Creditors rejected it publicly, citing that they didn't want Bitcoin's consensus rules rewritten on their behalf.

Karpelès listed objections himself, including that the theft is unambiguous and a Japan court-supervised legal framework for distribution already exists.

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