Mt. Gox creditors can sell their stake for $900 per BTC
An investment company is ready to help give closure to some Mt. Gox investors
The Mt. Gox debacle is far from over. After the cryptocurrency exchange went under five years ago, there have been efforts to liquidate holdings in order to pay restitution to creditors. At times, the efforts seem to be moving rapidly, but they are quickly met with long periods of silence. Now, an investment company wants to help some Mt. Gox creditors find closure and is willing to buy their Bitcoin (BTC) holdings, but the deal isn’t exactly lucrative for the creditors. Fortress Investment Group is only willing to pay $900 per BTC – far away from the current value of over $12,000.
Fortress Managing Director Michael Hourigan sent a letter to creditors explaining the program, asserting that the deal is being offered in order to fund an investment vehicle operated by the New York-based company. He says in the letter, “We review each claim individually but are now generally able to offer $900 per BTC claim, or roughly 200% of the bankruptcy value (which was $451 per BTC claim). We can pay that in Bitcoin, or any fiat currency of your choice. Our payment would be made within 10 business days of the claim transfer confirmation.”
Fortress isn’t a new player in the crypto realm. It began investing in BTC in 2013 and reportedly purchase $20 million of the digital asset that year.
While the price is far below the current levels, it is slightly better than what was available in 2014. In May of that year, the price fluctuated between $440 and $630.