RATE Group | Hedge Fund Increases Mt. Gox Creditor Offer to USD 1,300 per Bitcoin
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Hedge Fund Increases Mt. Gox Creditor Offer to USD 1,300 per Bitcoin

20 Feb Hedge Fund Increases Mt. Gox Creditor Offer to USD 1,300 per Bitcoin

Posted at 10:22h in Bitcoin News by

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Hedge Fund Increases Mt. Gox Creditor Offer to USD 1,300 per Bitcoin 101
Source: iStock/Vadym Petrochenko

The New York-based hedge fund Fortress Investment Group has upped its offer as it looks to buy up creditor claims from Mt. Gox, the cryptocurrency exchange that monumentally collapsed in 2014, leaving thousands of bitcoin (BTC)-holding customers out of pocket.

Per Bloomberg, the hedge fund has made its decision “in the wake of this year’s bitcoin rally,” which has seen prices rise above the key USD 10,000 mark.

The news agency states that Fortress has been in touch with creditors this week, offering them “USD 1,300 per bitcoin, or 88% of its estimated account value.”

Bloomberg says it has seen a “one-page proposal” from “a person who said they weren’t authorized to speak on the matter.”

In the letter, Fortress managing director Michael Hourigan allegedly claims that his company has made the “discount offer” due to “the likely timeline (three to five years) and the financial risk of the ongoing litigations,” as the…

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