Hedge funds in Japan and the United States are reportedly buying and offering to buy claims from thousands of account holders of the now-defunct bitcoin exchange Mt Gox, the world’s biggest bitcoin exchange at a time, before its downfall.
The Financial Times cites sources to reveal that at least four hedge funds have begun the process of buying or offering to buy claims from account holders at 15 percent of the yen value of the claim, in cash.
The hedge funds are betting on bitcoin gaining value, which it has, considerably since the claims were lodged in the aftermath of Mt Gox’s failure. The hope is to strike a lucrative windfall when the process of distributing payouts to claimants begins.
Nearly 850,000 bitcoins disappeared from Mt Gox’s storage, worth beyond $475 million at the time when bitcoin was valued over $450 to the dollar.
On last count, the Mt Gox estate holds a little over 202,185 bitcoins salvaged from a recovery effort following the bankruptcy investigation. In today’s prices, that’s valued at a little over $201
Read more ... source: CryptoCoinsNews
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