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Mt. Gox, Fortress offers to pay $ 100 million to creditors

New episode in the long-standing story of the failed exchange

The story of Mt. Gox,exchange failed in 2014 as a result of hacker attacks, it continues to propose news, but never really arrives at the epilogue expected by creditors.
The last of the series is that relating to the proposal of Fortress Investment Group, a company known for its private equity and equity investments. Which aims to pay 80% of what those who have lost their money in the crash of the infamous trading platform should have. The proposal is contained in a letter that was viewed by The block and now developments are awaited that will better clarify the picture.

Mt. Gox - Mt. Gox, Fortress offers to pay $ 100 million to creditors

The Fortress Investment Group proposal

Why should Mt. Gox creditors join Fortress Investment Group's proposal? The advantage lies in the fact that the proposal supervised by the trust which manages the liabilities of the defunct stock exchange, which will be put to the vote in October, it would only allow them to get their money back in mid-2022. Even if according to it they would get back the 90% of the amount lost, it would therefore be a matter of waiting more than a year. Which would consequently be added to those already passed since the bankruptcy of the exchange. The CEO of Fortress Investment Group, Michael Hourigan, commented on his group's proposal stating that it would allow them to get their money back o Bitcoin now, without having to wait any longer. All that remains is to await the response of the creditors.

Fortress Investment Group has set aside $ 100 million

Pending the response from creditors, Fortress Investment Group has decided to set aside $ 100 million. With whom the credits would be purchased, betting clearly on the fact that there will be many who will decide to sacrifice 10% of what they should get back to the security of finally regaining possession of their money.
A prediction naturally based on understandable fatigue of those who in the story of 2014 lost all their money, later having to equip themselves for a real legal battle. Which could finally go through after 8 years, at least according to the calculations made by the company.

A story destined to remain in the collective imagination

If it seems to be moving towards a solution, the sensational story of Mt. Gox is nevertheless destined to remain indelible for thousands of people involved in the failure of the exchange platform. On which it has always been strong doubts exist, such as to lead to accuse the management of the exchange of having simply carried out a scam to the detriment of its customers.
An event which risked representing the end of digital money. When it failed, in fact, Mt. Gox handled 80% of Bitcoin exchanges globally and had clients in every corner of the world. For every token lost in the crash, a total of 850 thousand, it is estimated that just over a fifth has been recovered.
As for the legal matter, the Tokyo District Court sentenced Mark Karpeles, who had bought the platform from Jed McCaleb, to two years of imprisonment with suspension of the sentence. The crime against him was the tampering with financial records. A penalty considered completely inadequate by the thousands of investors who suddenly found themselves deprived of their Bitcoins. Not being able to take advantage of the great growth recorded over the years since then.

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Dario Marchetti

I have a degree in Literature and Philosophy from the Sapienza University of Rome, with a thesis on the eastern border of Italy at the end of the First World War. I have collaborated with several sites on many issues and led the work group that published the official CD-Rom of the SS Lazio "History of a love" and "Photographic History of Magical Rome".

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