Fortress Investment Group To Buy BTC Claims From Mt. Gox Creditor
December 23, 2019
Fortress Investment Group To Buy BTC Claims From Mt. Gox Creditor
December 23, 2019

Fortress Investment  Group, private equity, and hedge fund manager are redoubling its efforts to buy up Bitcoin (BTC) claims from Mt. Gox creditors.

On Dec. 19 Bloomberg reported that Fortress’s offer is now roughly 13.5% lower than an initial bid extended to creditors earlier this year down to $778 per Bitcoin claim as opposed to a former $900. The creditors have until Dec. 31 to decide whether to accept the firm’s proposal.

Fortress has multiplied the number of BTC lost by each creditor by 15%

In a 2011 hack of Bitcoin exchange- Mt Gox and subsequent collapse in early 2014, the total loss amounted to 850,000 BTC valued at roughly $460 million at the time.

The reimbursement of the exchange’s creditors is handled under Tokyo attorney Nobuaki Kobayashi, appointed by a Japanese court to act as the civil rehabilitation trustee to manage Mt. Gox’s bankruptcy estate.

The whole compensation process notwithstanding positive indications from Kobayashi earlier this year proved to be protracted and thus far open-ended, galvanizing creditors and other community members to self-organize in an attempt to quicken the process.

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Fortress has allegedly multiplied the number of Bitcoins lost by each creditor by 15% (the amount currently available for reimbursement of the lost funds) and multiplied it by the current price of Bitcoin.

The firm pledged to make the payment within three days of any given claim transfer in its letter.

Source: Cointelegraph | Bloomberg


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