One of the world's most famous hedge funds has bought over 3 million shares in struggling trading firm Plus500 this week, despite the company's share price collapsing 45%  in the last two days.

Filings today show that $13.2 billion (8.54 billion) hedge fund Odey Asset Management, headed by Crispin Odey who was briefly married to Rupert Murdoch's eldest daughter, yesterday bought 1.8 million more shares in Plus500.

It follows the purchase of 1.6 million Plus500 shares on Monday, just as the stock was plummeting 37%. Shares nosedived after the company said it had suspended thousands of accounts in the UK.

Odey Asset Management now owns just over 16% of the company.

The hedge fund's purchase looks like a vote of faith in the business despite its problems. The fund may have thought yesterday's price dive was a good opportunity to top up on shares at a knock-down bargain.

Plus500 says "human error" forced the account freezes, saying some documents scanned as part of anti-money laundering checks were unreadable. As a result it was having to asking for more documents from customers to be sure of their identities. 

One analyst today estimated that the freeze could cost the company 25 million ($38.66 million) in lost revenue on top of the more than 300 million ($463.86 million) already wiped off its market value.

We've reached out to Odey Asset Management for comment on why it upped its stake but it had not responded yet. This is unsurprising, though, as hedge funds are typically highly secretive.

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