Report: Hedge Funds are Buying Customer Claims of Mt Gox Bitcoin Payout
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.....
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Few hedge funds are looking forward to buying into Mt Gox claims as they expect Bitcoin price to appreciate further. The victims of Mt Gox are yet to receive the payouts. While they still wait for closure, hedge fund managers are busy digging for opportunities to make money. The reports indicate that few hedge funds in the United States and Japan are planning to buy the claims from Mt Gox victims with the hopes of capitalizing on the appreciating Bitcoin price in the future. According to a report on one of the leading financial news outlets, at least four different hedge funds have started....
Hedge funds are offering to purchase claims from creditors who lost their Bitcoins when Mt. Gox went bankrupt in 2014. As the Financial Times reports, four hedge funds have said they are willing to purchase customer claims for 15 percent of the total amount in Japanese yen. Mt. Gox customers who lost coins face regaining no more than 25 percent of their investments. However, their claim costs were calculated when Bitcoin was trading at around $430, meaning that even a partial refund could now be lucrative. “The peculiarities of the situation — in which creditors may not be paid out for at....
Mt Gox creditors have waited for over three years to see some of their lost bitcoins returned, but the end is still not in sight. However, a number of them may be able to cash out soon since some hedge funds are now buying Mt Gox claims, offering 15 percent of the claims’ value in cash. How to Sell Mt Gox Claims. A website called Mygoxclaim, has been....
International hedge funds are said to be moving to purchase claims held by customers of failed bitcoin exchange startup Mt Gox. The Financial Times reported this morning that as many as four hedge funds are moving to buy claims related to the Japan-based bitcoin firm, seeking a possible windfall should creditors be made whole. Documents obtained by CoinDesk indicate that Argo Partners, a New York-based firm that focuses specifically on investing in failing or bankrupt companies, is among those seeking to purchase claims. Argo Partners did not immediately respond to a request for comment.....
When it comes to bitcoin and AI, it is impossible to tell what the future will hold. A new breed of hedge funds is coming to Wall Street and other financial areas all over the world. Two new technologies are becoming the next area of focus: artificial intelligence and bitcoin. One interesting example is called Numerai, a hedge fund trading through machine learning models built by scientists paid in bitcoin. It is evident there is a growing demand to access the bitcoin ecosystem without having to buy cryptocurrency directly. On paper, it is not easy to grasp the concept of a bitcoin or AI....