Report Suggests Fortress Offers Mt. Gox To Buy Its Bitcoin Claims

by | Jul 9, 2019 | Bitcoin, Cryptocurrency, Cryptocurrency News

Mt.Gox | Bitcoin | cryptocurrency | Fraud | Buy back

Fortress Investment Group reportedly plans to buy bitcoin (BTC) claims from Mt. Gox creditors, as per a report by CoinDesk on July 8.

 Mt. Gox, a now-defunct Japan-based cryptocurrency exchange filed for bankruptcy in 2014, following an apparent hack costing the exchange $473 million worth of bitcoin at the time. Subsequently, Bitcoin experienced a decline in value of 36% over the month.

The report claims that Fortress executive Michael Hourigan has sent out a letter to creditors detailing the buyback offer. As per an apparent copy of the said letter, Fortress offered to buy the bitcoin claims back at approximately double the bankruptcy value. The claim value of  Mt. Gox, $451 remained insolvent at the time, while Hourigan says Fortress can offer $900 per coin.

The letter went on to note that the offer stands until July 31 and the purchase can be in bitcoin or fiat money. In April, Mt. Gox creditors that their lost bitcoins claims have been automatically filed on their behalf. A Reddit user named DerEwige circulated an unverified screenshot of an email, which says:

“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.”

As per DerEwige, this meant that the Mt. Gox users that did not file a rehabilitation claim after losing their crypto have had a claim automatically filed on their behalf, that has been now approved.

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