Fortress Investment Group has increased its offer to purchase claims from creditors who lost coin in the infamous $480 1000000 Mt. Gox hack. The group, which aims to profit by eventually recovering the Bitcoin (BTC), upped its offer on the cryptocurrency to 88% of the estimated account value.

Cointelegraph has reported previously how Fortress calculated offers to creditors. The latest offering of $1300 is significantly higher than the $755 offered in December due to the recent increase in Bitcoin'due south value.

However, the offer is even so discounted "due to the probable timeline (three to 5 years) and fiscal risk of the ongoing litigations," according to Michael Hourigan, a managing director at Fortress.

How did this happen to such a powerful crypto exchange similar Mt. Gox?

The crypto exchange went bankrupt in 2014 later on investors collectively lost 850,000 Bitcoin, or roughly 7% of the total existing supply at the time. CEO Marking Karpeles was charged with embezzlement and falsifying data, but — remarkably — received a rare not-guilty verdict in the Japanese court for the more than serious charges.

Mt. Gox is no longer in bankruptcy, partly as a issue of this verdict, which has given creditors the opportunity to reclaim some of their losses. Equally of October 2019, Mt. Gox has reported that 56 people take filed such petitions in the Tokyo District Court.