Fortress Investments offers Mt. Gox creditors $900 per Bitcoin

Fortress Investments offers Mt. Gox creditors $900 per Bitcoin

Tuesday, July 9, 2019, 3:40 PM

Good news for creditors of the now-defunct cryptocurrency exchange as Fortress Investment is offering to buy their claims for $900 per Bitcoin, Coindesk reports.

In a letter sent to creditors, Michael Hourigan, a managing director at the private equity firm stated that the company is buying claims for a Bitcoin investment.

“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,” the letter reads.

While offering $900 per Bitcoin constitutes 200% of what BTC cost when Mt Gox collapsed, it’s a fraction of what it’s worth today, at $12,534.74 at the time of writing. As such, many creditors had been hoping to get their tokens back instead. However, Hourigan believes the offer price is “fair to creditors and fair to investors.”

Mt Gox went bankrupt in 2014 when around 850,000 Bitcoins were stolen. Last year, the exchange switched from bankruptcy to civil rehabilitation.