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$1,300 per Bitcoin: Fortress Has New Buyout Proposal for Mt. Gox Victims

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Wed, 19/02/2020 - 18:24
$1,300 per Bitcoin: Fortress Has New Buyout Proposal for Mt. Gox Victims
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Investment management Fortress has come up with a new offer for Mt. Gox creditors. Due to Bitcoin's rapid appreciation, $1,300 per one Bitcoin (BTC) is now on the table, which represents 88 percent of their account value. 

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A higher buyout proposal  

In order to calculate the price of its offer, Fortress multiples the creditor's stake by 15 percent, the total value of lost coins that are available in cash, and then multiples the obtained number by the current BTC price.    

Back in December, when the leading cryptocurrency plunged below $7,000, Fortress only offered $755 per one coin.

According to the company's managing director Michael Hourigan, such a high premium is linked to the timeline of the litigation process that can last up to five years.  

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An early crypto bet 

Hedge funds, including Fortress, started to aggressively buy Mt. Gox claims back in 2017, offering creditors an easy way to cash out.    

Notably, Fortress had been involved in the cryptocurrency industry even before Mt. Gox it closed its doors in February due to the biggest hack in the history of crypto. In 2013, it acquired $20 mln worth of BTC. Moreover, Galaxy Digital CEO Mike Novogratz used to hold a top executive position in the hedge fund.   

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