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Fortress Group: Mt. Gox’s offer has been increased
Fortress Group: Mt. Gox’s offer has been increased
Security

Fortress Group: Mt. Gox’s offer has been increased

By Amelia Tomasicchio - 19 Feb 2020

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According to an article just published on Bloomberg, Fortress Investment Group LLC has increased its offer to acquire credits from those who lost funds when the Mt. Gox exchange shut down due to the most famous hack in the crypto history.

Back on December 20th, 2019, Fortress Group had already changed its purchase offer: the first offer was $900 for each bitcoin lost, the second one was $778, while this time – the third amendment by Fortress – the offer is $1,300 for each bitcoin (BTC).

The day Mt. Gox suspended withdrawals, on February 7th, 2014, bitcoin was worth $783.

The reason for Fortress Group’s offer

At least two lawsuits are currently underway to compensate creditors who lost bitcoins with the bankruptcy of Mt. Gox, at that time the most famous and popular exchange on the market.

To calculate the price, Fortress calculated the number of BTC lost, the current price of the crypto and how many bitcoins could be recovered so that they could be divided among the creditors of the exchange.

Moreover, Fortress Group promises an immediate payment within three days.

The higher offer is certainly due to the fact that bitcoin is recording new period highs, seeing that in the last 90 days the queen of cryptocurrencies has been recording almost +30%.

A brief history of the Mt. Gox exchange

Mt. Gox opened its doors back in July 2010 in Tokyo and quickly became the most widely used exchange in the cryptocurrency sector. From 2013 to 2014, it managed over 70% of all BTC transactions around the globe, but in February 2014 it closed down due to a hacker who stole over 2000 bitcoins from the platform.

Amelia Tomasicchio
Amelia Tomasicchio

As expert in digital marketing, Amelia began working in the fintech sector in 2014 after writing her thesis on Bitcoin technology. Previously author for Cointelegraph and CMO at Eido. She is now the co-founder and editor-in-chief of The Cryptonomist.

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