Monday, 25 May 2015
Last updated 2 days ago
Mar 3 2014 | 11:58am ET
The turmoil surrounding digital currency bitcoin has proven costly for Fortress Investment Group.
The alternative investments giant said last week that it had lost $3.7 million on its bitcoin investments. In the Securities and Exchange Commission filing, Fortress did not elaborate on its bitcoin bet, other than to say it bought $20 million worth of the controversial crypto-currency last year, and that the bitcoins were worth only $17 million at the end of 2013.
The investment, if Fortress continues to hold it, is likely to have fallen further since. Bitcoin prices have been dropping. Late last month, Mt. Gox, one of the largest bitcoin exchanges in the world, closed and filed for bankruptcy, reportedly after hackers made off with half a billion dollars worth of bitcoins.
Fortress had reportedly planned to start a bitcoin fund, and the firm's macro co-chief investment officer, Michael Novogratz, also invested in the currency last year.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…