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Fortress Makes an Offer to Purchase Mt. Gox Claims at Double the Value

The Fortress Investment Group has reportedly sent letters offering to purchase the bitcoin (BTC) claims of Mt. Gox creditors. 

Letter Sent by Michael Hourigan

The buyback letter was said to have been sent by Michael Hourigan, an executive of Fortress. The letter allegedly contained details of the purchase offer. One copy showed that Fortressed has put forward the idea of buying the BTC claims at almost double its bankruptcy value. 

Cryptocurrency exchange platform Mt.Gox went bankrupt back in 2014. At the time, the company was reeling from a loss of around $473 million in bitcoins caused by an alleged hacking. Bitcoin was said to subsequently drop in value. The currency’s value plummeted by 36% over the weeks the hacking occurred. 

At the time Mt. Gox was confirmed as insolvent, the value of the creditors’ claims was pegged at $451. Hourigan said that Fortress can offer as much as $900 per token. 

The buyback letter also stated that the company can buy the claim either through fiat money or bitcoin. The creditors are given until July 31 to make a decision.  

It was reported back in April that it was possible Mt. Gox creditors could file claims as the lost bitcoins were automatically registered on their behalf. 

Screenshot from a Reddit User

Reddit user DerEwige shared a screenshot that, while unverified, stated that the creditors who opposed the self-approved reconstruction claim retracted their objections. This has caused the self-approved claims to become effective and creditors no longer have to send an application for a claim evaluation. 

DerEwige explained that the email meant Mt. Gox users had a claim filed automatically on their behalf even if they didn’t register a rehabilitation claim after they lost their bitcoin. He also noted that said claim has already been approved.

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