Hedge fund Fortress raises the price several times to buy MtGox claims. Will you sell 30% of Bitcoin?

December 19th news, according to the foreign media theblock report, the hedge fund Castleress Investment Group (Fortress Investment Group) has sent a new letter to thousands of creditors of MtGox, expressing its willingness to buy them at 70% of the current Bitcoin market price Claims.

It is reported that in July of this year, the investment group also issued an invitation to buy, but at that time the offer was only a poor $ 900 / BTC.

Mt.Gox-founder-678x375

In 2014, the MtGox exchange declared bankruptcy after losing nearly 900,000 BTC to customers, and last year, a Japanese court changed the state of Mt Gox's case from bankruptcy to civil recovery, which makes the company expected to restructure its business and may cause creditors to recover some assets. According to the latest report available on the Mt Gox website, Mt Gox currently holds approximately 141,868 BTC assets.

In a letter written by Castle Investment Group Managing Director Michael Hourigan, the company proposes to acquire MtGox creditors' bitcoin at the current market price of bitcoin (approximately $ 7,200), which will provide creditors with Guaranteed payment, but 30% of the funds will be deducted (equivalent to a 30% discount).

In addition, Horrigan also mentioned the lawsuits being initiated by two large creditor agencies (Mt Gox's parent company Tibanne and U.S.-based Bitcoin business incubator CoinLab). The letter stated that these lawsuits may delay and dilute creditor claims distribution, The relevant creditors need to make a decision on whether to sell their claims before December 31.

According to a report released by the Tokyo District Court in October, a total of 56 Mt Gox creditors submitted claims assessment applications. In recent months, the Tokyo District Court approved Tibanne's claims for more than 82,000 BTC and 386 million yen (approximately $ 3.5 million) and a claim of 385 million yen (approximately $ 3.5 million) from CoinLab.

For creditors, the new offer seems to have some appeal, but we can't help wondering what exactly led to this action by Castle Hedge Fund?

What is your opinion.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Blockchain

MuesliSwap Shakes Things Up with a Refund Site for Crypto Losses

Fashion lovers, rejoice! MuesliSwap, a stylish DeFi protocol built on Cardano, has exciting news for its users. They ...

Blockchain

Cardano: The Boring-yet-Brilliant Blockchain

Cardano's CEO Frederik Gregaard dismisses criticism of delays and updates, saying the network is boring, according to...

Bitcoin

Bitcoin Faces Resistance at $52,000, Possible Pullback Ahead

Altcoins have seen a slight decrease in value due to Bitcoin's hesitancy in maintaining a level above $52,000. Howeve...

Market

Emerging economies in Africa, South Asia, and Southeast Asia are leading the global trend of cryptocurrencies.

Emerging markets offer unique opportunities for the development of cryptocurrencies and blockchain technology.

Blockchain

Cardano (ADA) Faces Price Dip Amid Crypto Sell-Off and Macro Headwinds

On Wednesday, Cardano (ADA) experienced a decrease of 7.5% in value. This cryptocurrency is the driving force behind ...

Market

Bitcoin ETFs Catapult into Top 5 as Investors Shift from Gold

Exciting developments may be in store for Bitcoin and altcoins as a potential trend shift appears to be on the horizo...