News From The Crypto Currencies Scene

Investment Group Wants to Buy MtGox for 1 Bitcoin

Investment Group Wants to Buy MtGox for 1 Bitcoin

A small group of investors are looking into buying the remains of the former exchange giant Mt.Gox. The price? Well, let's just say that it is not in Mt.Gox's favour. The group has offered to purchase the site for 1 Bitcoin, equalling at around $400 in today's market. The reason for the low price offered by the group is due to an "information vacuum" that is above Mt.Gox and due to them not publically disclosing any assets within the company the price cannot be higher.

The investment group includes high profile investors such as former child-actor who is now an entrepreneur William Quigley and Matthew Roszak. The groups goal is to buy back Mt.Gox and pay the people who lost coins and funds back through 50% of the transaction fees and thus prevent people from losing fortunes.

Mt.Gox has been declared bankrupt since February and has been extremely shady ever since, not disclosing important information to the public. An example of this is when they found 200.000 Bitcoins on a old formatted hard drive, which they began transferring through the system before notifying the authorities or anyone else. Unfortunately they were being spied on by private investigators who notified the authorities and Mt.Gox came forward with the findings.

Should the investment group take over Mt.Gox successfully, then the customers with funds or coins in the company will need to choose between getting around 20% of their coins now through the 200,000 coins that was found out of approximately 800,000 lost or to be paid back with transaction fees from the new site once it opens.  

News by Daniel Allermand
Daniel Allermand - Reporter

Daniel Allermand is a freelance writer, with more than 4 years of experience in the industry as an operator, affiliate and poker player. Daniel has decided it was time to try and bring more coverage about the industry to the general public by writing articles about everything from poker to casino.


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