Raleigh

The Goat is Re-Opening in Raleigh Following Owner's $3mm Crypto Loss

On the morning on October 15h, Brandon Laroque logged into his crypto wallet to find his $3mm portfolio stolen, now he's reopening to restore his retirement fund.

Image courtesy of The Goat

RALEIGH, NC — The Goat closed last year due to owners Brandon and Amanda Laroque retiring. Now, they're coming out of retirement because $3 million in XRP crypto currency coins were stolen from Laroque last month.

The Goat is preparing to reopen at 5111 Western Blvd, Raleigh, NC 27606 at the start of next year, Brandon Laroque told Business Debut. The neighborhood bar will come back in the same location with the same overall layout and concept.

Laroque and his wife have worked in the bar business for decades and opened The Goat in 2003. The Goat quickly became a spot where crowds of all kinds gathered, college students, blue-collar and white-collar regulars and local professors regularly hung out, Laroque said.

The Laroques decided to retire last year amid growing frustrations over high-quality fake IDs that continued to pass scans, despite efforts to follow enforcement guidance.

What to Expect

The new Goat Bar will reopen as a drinks-focused neighborhood bar. The team plans to serve beer, wine and a large liquor selection, often maintaining hundreds of open bottles at a time.

The space will look similar to the original Goat but with all-new equipment and finishes. Laroque said they have installed new ceiling tiles, beer coolers, bar equipment and tables so the bar feels like a cleaned-up version of what regulars remember.

To address ID issues, the bar will use scanners at the door and at each bartender station. Staff will scan IDs on entry and again at the bar if someone appears under 21, he told Business Debut.

Crypto Theft

Laroque said the decision to reopen was driven by a major personal financial loss unrelated to the bar.

Over about eight years, he regularly moved extra income into crypto currency and stored his crypto in what he believed was a secure "cold wallet," he told Business Debut. In mid-October of this year, his holdings were moved without his authorization.

At the time of the theft, the value of his XRP Ripple holdings was more than $3 million, he said. He and Amanda had plans to purchase a home in Las Vegas, NV for retirement.

Laroque contacted the FBI, local sheriff’s office, and Raleigh Police Department and was told that investigators are seeing significant crypto-related thefts traced overseas.

After realizing the funds were unlikely to be recovered, he and Amanda decided to return to operating The Goat to restore an income.

You can follow the story on YouTube, where Laroque uploaded a candid video the same day he found out about the theft. Several other videos have since been published about the story.

Opening Timeline

The team is now waiting on final zoning approvals, a building inspection, and a fire marshal visit. Once those approvals are in place, they plan to apply for a North Carolina ABC permit. Laroque said they are targeting an opening at the start of next year.