According to a recent press release from July 8, Fortress Investment Group plans to buy BTC from bankrupt Japan’s Mt.Gox exchange.
Fortress Investment’s Executive Director Michael Hourigan sent a letter to creditors to acquaint them with the details of the offer for the purchase. The Fortress Investment made an offer to buy Bitcoin claims from Mt.Gox and to approximately double the value at the time of the bankruptcy when the Japanese company was declared insolvent (the value of claims at that time was $ 451). Fortress Investment can give as much as $ 900 per coin, according to a private investment firm based in New York.
Purchasing with bitcoin or cash with the deadline by the end of July
Fortress Investment has limited the validity of the offer by the end of the month. Purchase can be made in fiat currencies or bitcoins.
To recall, Mt.Gox is a cryptocurrency exchange headquartered in Japan that broke bankrupt in 2014, after the hacker atack and 850,000 bitcoins that disappeared from the Exchange server. At that time, this exchange experienced a loss of $ 473 million (it happened before the value of bitcoin dropped by 36% at the end of the same month).
Penalties for creditors who have applied for rehabilitation are possible
After the exchange broke into bankruptcy, its status went over to civil rehabilitation last year. Creditors were hoping to get their missing Bitcoin in the time of the transaction, but not cash equivalent during a stock market collapse. Currently, the Tokyo District Court has this case.
Mt. Gox’s creditors can have requests for lost bitcoins that are automatically submitted on their behalf. Those who are waiting to repay their Bitcoins, the one they have applied for rehabilitation, can now face the dollar fines by selling their claims to the Fortress Investment Group – one of the Reddit users, DerEvige, says. He tried to explain that some Mt.Gox users, after losing the crypto, failed to file a lawsuit for rehabilitation, and the complaint wasn’t filed automatically on their behalf, which is now approved.
Fortress Investment considers offering more than affordable
CEO Michael Hourigan notes that Fortress is capable of currently providing nearly 200% of the value of bankruptcy or about $ 900 for one BTC. It also states that they can make a payment in any currency or bitcoin within 10 days of the confirmation.
The company also points out that the price of $ 900 is adequate for investors and investors of the Fortress. In the past months, some commissioners sold their bitcoin claims at the price of $ 600.
New York’s business has a long experience in crypto industry and trade, along with one of the most famous crypto community figures as former CEO, Michael Novogratz. Their plans to launch Bitcoin’s investment fund exist since 2013. At the time, the company both bitcoin worth $ 20 million. Later, in 2017, Fortress Invest Group was sold to SoftBank, which was also active in the blockchain space (though less busy with bitcoin projects in particular).