Home » Fortress intends to purchase Mt Gox Creditor Claims For $900 Per Bitcoin

Fortress intends to purchase Mt Gox Creditor Claims For $900 Per Bitcoin


Fortress Investment Group has recently announced that it intends to buy bitcoin (BTC) claims from Mt. Gox creditors. CoinDesk revealed on July 8 that the move would help the company compensate some of the debt it had before facing financial challenges.

Mt. Gox, a cryptocurrency exchange that is based in Japan, went bankrupt in 2014 after attackers apparently hacked it stealing bitcoin worth $473 million. At the time the event took place, Bitcoin was experiencing a continuous 36% drop in its value.

Michael Hourigan, Fortress Group managing director, sent a letter to the company’s creditors informing them more about this buyback offer. In a copy of the letter that CoinDesk claims to have, details show that Fortress intends to use a Bitcoin investment vehicle to purchase back the claims at nearly double the bankruptcy value.

At the time Mt. Gox went insolvent, the claims were worth $451, but now the company brings an offer of $900 per coin.

The offer which ends on July 31 involves a purchase that can either be settled in fiat money or bitcoin as per the letter.

In April, DerEwige — a Reddit user — claimed that the Mt. Gox creditors’ lost bitcoins were apparently filed automatically. The unverified email’s screenshot read as follows:

“The creditors who objected to your self-approved rehabilitation claim withdrew their objections. As a result, the approval of your self-approved rehabilitation claim has become effective, and you no longer need to file an application for claim assessment.”

DerEwige meant that Mt. Gox users who were not able to rehabilitate the claim once they lost their crypto, the claim was automatically filed and approved on their behalf.

Source: https://cointelegraph.com/news/report-fortress-offers-to-buy-mt-gox-bitcoin-claims-at-900-a-piece


About the author

James Lovett

James Lovett

James is a passionate writer on cryptocurrency industry and other disruptive technologies in the crypto world. He has written several crypto articles for numerous websites and blogs over the years.

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