Mark Karpelès’ Proposal for Bitcoin Recovery
Mark Karpelès, the former CEO of the now-defunct Mt. Gox cryptocurrency exchange, has put forward an intriguing proposal aimed at recovering approximately $5.2 billion in Bitcoin stolen during a historic hack in June 2011. His plan, made public on February 27, 2026, via GitHub, advocates for a Bitcoin hard fork concerning a specific address that has been dormant for over 15 years, containing nearly 80,000 BTC linked to the breach.
Proposal Details and Community Impact
This proposal has sparked renewed discourse regarding the foundational principles governing Bitcoin and its protocols. Under current Bitcoin regulations, only the holder of a private key can access and utilize their Bitcoin, a security measure that Karpelès aims to amend temporarily for the seized coins. His proposal would introduce a new consensus rule specifically tailored for one wallet, recognized as 1Feex…sb6uF, thereby allowing the control of those locked coins to proceed without the original private key.
Karpelès envisions that any recovered funds would integrate into the ongoing court-monitored rehabilitation process for creditors. Following Japan’s civil rehabilitation regulations, these assets could ensure equitable distributions to affected parties. He emphasizes that the plan is a proposal for dialogue within the Bitcoin community, stipulating that the proposed changes would exclusively affect this particular address and not the wider Bitcoin network.
Challenges and Criticism
However, implementing the hard fork poses its challenges, as it necessitates coordinated agreement from node operators, who must upgrade their systems before the designated activation block. There are inherent risks involved, such as the potential of creating schisms within the Bitcoin community, should certain participants reject the proposed changes. This could lead to the emergence of competing Bitcoin versions, igniting concerns over network integrity.
Critics of Karpelès’ plan raised alarms about the implications of modifying ownership principles, arguing that such deviations could diminish the ethos of blockchain immutability. Some contributors to discussions expressed concerns that allowing exceptions could set a precedent for future incidents. In response to such reservations, Karpelès underscored the distinct nature of this situation, noting the extended inactivity of these coins and broad recognition among law enforcement and the crypto community that they constitute stolen assets.
Current Status of Bitcoin Recovery
The BTC in question is not part of the ongoing repayment process for creditors, separate from the roughly 200,000 BTC that have been recuperated since the exchange’s 2014 collapse. The estate, currently under trustee Nobuaki Kobayashi, is overseeing repayments that commenced in mid-2024, with approximately 34,689 BTC still under management as of early 2026. Recent activity within the estate, including a transfer of over 10,000 BTC in late 2025, has been interpreted as preparatory moves rather than market sales.
The repayments are being facilitated through prominent partner exchanges such as Kraken, Bitstamp, and BitGo, providing creditors with Bitcoin, Bitcoin Cash, and some fiat currency. At its peak, Mt. Gox was responsible for trading an astounding 70% of global Bitcoin transactions before its downfall, resulting in a staggering loss of around 750,000 customer Bitcoin. As discussions surrounding recovery options and governance continue over a decade later, Karpelès’ proposal may influence the ongoing narrative and policymaking within the Bitcoin ecosystem.
