March 4, 2024

Fortress again offers MtGox lenders to buy their debts at a price of $ 787 for 1 BTC

The Fortress group once again offered the creditors of the bankrupt MtGox exchange to buy out the exchange's debts from them for 70% of thetheircurrent rating. At the same time, the total buyback price is $ 787 for 1 BTC.

In a letter to the managing director of investmentMichael Horigan’s Fortress group provides a detailed calculation of the value of the offer, but on closer inspection this attraction of unprecedented generosity looks much less attractive.

Horigan cites latest reporttrust manager of the exchange. Now Nobuaki Kobayashi has at his disposal 141 868 BTC, which allegedly accounts for 15% of the lost 940 000 BTC. According to the letter, Fortress does not offer at all 70% of the market value of the remaining bitcoins, but only 15% of these 70%. The exact figure given in Michael Horigan’s letter is only $ 787 per 1 BTC.

However, initially the losses of the exchange were estimatedonly 850,000 BTC, with 200,000 BTC returned by Mark Karpeles. It is for these bitcoins that the creditors are fighting. At the same time, Kobayashi has already managed to get rid of almost 30% of this amount, which went to the costs of doing business, lasting more than five years.

Fortress letter talks about continuationlegal proceedings that were initiated by the American company CoinLab against the parent company of MtGox - Tibanne. Horigan says these lawsuits could delay and reduce payouts, so investors only have until Dec. 31 to take advantage of the offer. A typical way to “unobtrusively” rush a decision.

Real MtGox Debt Size and Fortress Offers

In reality, it is not clear how FortressWe counted losses in the amount of 940,00 BTC. According to the trustee's report above, the total amount of applications approved for refund is rounded up to 802,522 BTC, and including other currencies — approximately 810,000 BTC. This is much closer to MtGox's originally reported losses, given that not all creditors applied for damages.

If we take into account the amount of Coinlab's claim,amounting to 82,508 BTC, the same amount of BCH (and this coin did not exist at the time of the collapse of MtGox) and almost 1.7 trillion JPY, its total figure exceeds 2.6 million BTC at the current rate. It's hardly worth considering it seriously. According to the current version of the report from Nobuaki Kobayashi's team, Coinlab's request for a refund was rejected and was not taken into account. And even if Coinlab somehow wins the case in court, the amount of the claim, of course, will be significantly reduced.

Previously, Fortress had already tried to buy out MtGox's debts.obviously counting on their imminent payment. In July, the company offered 200% of the value of Bitcoin at the time of the bankruptcy of the exchange, offering $900 per Bitcoin, while the market price of BTC then exceeded $10,000. Obviously, there were few people willing to sell the debt for such a ridiculous share (about 7%), so now the company has decided try again. But this time, Fortress is clearly trying to exaggerate losses and reduce the real value of its offer.

Let us recall that the Tokyo court ordered the MtGox exchangecompensate creditors' losses back in June last year. But the process of calculating and paying compensation continues to be delayed, and the base for payments — decrease, since all costs of the case are deducted from the remaining assets of the exchange.