In 2017, Thomas Braziel didn’t have much of an interest in Bitcoin. But as an investor in obscure distressed assets, his sport, as he called it, was bankruptcies — and there was nothing quite as enticing as the collapse of crypto exchange Mt. Gox.
“The first instance was: boy, wouldn’t it be cool to buy a Japanese cryptocurrency bankruptcy claim?” said the founder of 507 Capital, a two-man shop named after a section of the U.S. bankruptcy code.
Braziel, the son of two insolvency lawyers, bought nearly 4,000 Bitcoins worth of claims from Mt. Gox customers, using $1 million raised from a family office. Former users of the exchange were waiting to get their money back after a hack of about 850,000 Bitcoins drove the Tokyo-based exchange into bankruptcy in 2014.
With payouts expected to finally begin, Braziel’s investment is set to return nearly 18 times, thanks to Bitcoin’s surge since he bought the claims. Now, after a $2 trillion rout in digital assets brought down some of crypto’s...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...