Fortress Has New Proposal for Mt. Gox Creditors

News
Fri, 03/19/2021 - 16:04
Cover image via stock.adobe.com
Read U.TODAY on
Google News

New York-based Fortress Investment Group is still on the lookout for Mt. Gox creditors, offering them an enticing new deal.

Bloomberg reports that victims of the now-defunct exchange could get up to 80 percent of the company’s remaining Bitcoin right now.

Last February, Fortress was offering $1,300 in exchange for credit claims. In March 2019, the price tag was as low as $600 due to Bitcoin's poor performance in the first quarter.

As reported by U.Today, CoinLab finally reached a deal with Mt. Gox creditors in mid-January.

They will now have to vote on a draft rehabilitation plan in October, which would allow them to receive 90 percent of all coins.

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

A seven-year debacle

Mt. Gox was the dominant cryptocurrency exchange in Bitcoin's early days, which could be a trillion-dollar company today.

In February 2014, it went bankrupt after losing 850,000 BTC to hackers, but thousands of coins have since been recovered.

The creditors have been trying to get their lost coins back for seven years to no avail.

If the rehabilitation plan gets voted down in October, those who reject the Fortress proposal will have to wait even longer.