Investors from the U.S. and Canada have dropped a lawsuit against embattled bitcoin exchange Mt.Gox and have instead agreed to back a plan to buy the company in the hope of clawing back their losses.
Under the agreement, which was announced late on Monday evening, these investors will join forces with a consortium called Sunlot Holdings and would settle two class-action lawsuits for fraud and other charges brought against the Tokyo exchange.
Sunlot, which is backed by child-actor turned entrepreneur Brock Pierce and William Quigley, the managing director at California-based Clearstone Venture Partners, aims to resurrect Mt.Gox and, if successful, would immediately distribute its assets on a proportional basis to the 127,000 affected customers.
The estimated 50,000 customers - who have over $200 million in losses, according to Sunlot - would also receive a 16.5 percent interest in Sunlot, allowing them to share in company dividends, as well as benefit from any future buyout or IPO (initial purchase offering).
"The fund would conduct forensic investigations and pursue prosecution of perpetrators. An incentive bounty of 10 percent of recovered assets would reward those participating in the recovery," Sunlot said in Monday's press release.