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

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Wed, 02/19/2020 - 18:24
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  • New York-based investment management firm Fortress is now willing to buy the claims of Mt. Gox creditors at $1,300 per Bitcoin (BTC)

Cover image via U.Today
Contents

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.   

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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  • Bitcoin (BTC) scammers know no quarantines or self-isolation. Dozens of fraudulent airdrops falsely endorsed by Bill Gates ask YouTubers to send in their Bitcoins.

Cover image via stock.adobe.com
Contents

Typically, fake YouTube airdrops are quite similar to each other. With the current pandemic enraging across the planet, a series of scams that impersonate Bill Gates have some distinct features.

With Bitcoin (BTC) Price Drop, Scammers are Getting Greedy

Just like in several other previous cases, the fraudsters launch fake 'live streams' on YouTube, asking users to send in their Bitcoins (BTC) in order to get redouble the initial amount.  An 'entry ticket' into to this scam starts at 0.1 BTC which is more than $650. With previous scams, it was much cheaper.

Fake YouTube Bitcoin (BTC) airdrop
Image via YouTube

The scammers also publish the URLs of this campaign, which are linked to suspicious websites. Unlike previous cases, fraudsters launch multiple live streams simultaneously. At press time of this article, at least two of them were active.

Multiple scam streams on YouTube
Image by YouTube

According to statistics, the average popularity of one live stream is about 30,000 viewers.

Very Bad Idea

Alongside that, launching fake airdrops on behalf of Microsoft's Bill Gates isn't a slam dunk for the fraudsters. It may seem ironic, but Mr. Gates is a prominent critic of cryptocurrencies, particularly of Bitcoin (BTC). He is sure that digital assets represent a kind of a ‘greater fool theory’ type of investment.

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Cryptocurrencies kill, added Mr. Gates. To him, its only use-case besides short-term speculations is illegal funding for drug trafficking:

Right now cryptocurrencies are used for buying fentanyl and other drugs, so it is a rare technology that has caused deaths in a fairly direct way.

The U.Today team will one more time state that no airdrop will be conducted without the notification from an official website of a product or token. Any YouTube, Medium, and/or Telegram announcements may shill scammers. Never send your money to unknown persons.

About the author

 Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockhain. Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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