Fortress Allocates $ 100 Million to Purchase Claims of Mt.Gox Creditors

The investment company Fortress Investment Group has offered creditors of the bankrupt bitcoin exchange Mt.Gox an early redemption of their claims before voting on the refund plan, The Block reports .

The firm is ready to reimburse about 80% of the value of the claims of Mt.Gox clients. According to the civil rehabilitation plan , the vote on which will end in October , they will be able to get up to 90%.

The proposed refund scheme involves payouts in Fiat, Bitcoin and Bitcoin Cash. The rest of the cryptocurrencies will be sold. Fiat payouts are a priority – some or all of Bitcoin and Bitcoin Cash can be sold to cover them.

Fortress noted that payments on this proposal will begin no earlier than mid-2022, in addition, there is uncertainty with its approval.

“Instead of waiting another year or a year and a half, we offer a liquidity option for lenders who want cash or bitcoins right now,” said managing director Michael Hourigan.

Fortress has allocated $ 100 million to buy out the claims. Mt.Gox wallet holds 137,891 BTC (~ $ 7.9 billion at the time of writing).

It is not the first time that the company has made an offer to exchange lenders to buy out their claims. Fortress pushed its options twice in 2019 . One of them envisaged reimbursement of up to 70% of the market value of lost assets.

Read more about the history and collapse of Mt.Gox in Hodlmonks .

Recall that the process of civil rehabilitation started in June 2018 .

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