Mt. Gox CEO Proposes Bitcoin Hard Fork to Recover Stolen Cryptocurrency

Mark Karpelès, the former CEO of Mt. Gox, has put forward a draft plan for a Bitcoin hard fork aimed at retrieving approximately $5.2 billion in stolen cryptocurrency. The funds, which were taken during a security breach in June 2011, are currently locked in one specific wallet and cannot be accessed due to the lack of the original private key.

The proposal, which was posted to GitHub last Friday, suggests creating a novel consensus mechanism that would enable fund movement to a designated recovery wallet without needing the missing key. This rule would exclusively target the particular wallet address in question and would require network-wide adoption to trigger activation at a predetermined future block height.