Bitstamp Starts Distributing BTC, ETH, BCH To Mt Gox Creditors
Bitstamp, one of the world’s most established crypto exchanges, has initiated the process of returning digital assets to creditors of the infamous Mt. Gox exchange. This development marks the culmination of a decade-long wait for thousands of investors who lost access to their funds when Mt. Gox collapsed in 2014 following a major security breach.
Bitstamp Distribution Process and Details
Bitstamp, the world’s longest-running cryptocurrency exchange, has announced the commencement of its asset refund process for Mt. Gox creditors. This marks a significant milestone in the decade-long saga following the 2014 collapse of Mt. Gox due to a major hacking operation.
Starting today, they received Bitcoin (BTC), Bitcoin Cash (BCH), and Ethereum (ETH) from the Mt. Gox trustees. The distribution of these assets to customers is set to begin tomorrow, July 25. Recipients can expect to have full control of their assets within a week of receipt, following the completion of necessary security checks.
It’s worth noting that while UK customers will not be included in the initial distribution, they can anticipate receiving their restored assets within the next few months. Further information for UK customers will be provided in due course.
This development comes after a lengthy bankruptcy process and represents a potential windfall for many affected investors. When Mt. Gox collapsed in 2014, Bitcoin price was trading at approximately $600. With Bitcoin currently valued at around $51,000 per coin, many creditors stand to realize substantial profits.
Jean-Baptiste Graftieaux, Global Chief Executive Officer at Bitstamp, emphasized the exchange’s role in this process, stating that as the world’s longest-running crypto exchange, and one of the most trusted, we’re proud to play our part in making the Mt Gox investors whole. In total, about 20,000 former Mt. Gox users are set to receive over $9 billion worth of cryptocurrencies as part of this restitution process.
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Mt Gox Recent Developments and Market Impact
Recent blockchain data from Arkham Intelligence shows significant movement of assets by Mt. Gox, indicating preparation for repayments. On July 23, Mt. Gox moved 42,587 BTC (valued at approximately $2.85 billion) to an internal wallet, with an additional 5,110 BTC added via a different internal wallet. This activity brings Mt. Gox’s current holdings to 90,344 BTC, worth about $6 billion.
These movements signal tangible progress in the repayment process, which has been closely watched by the crypto market. Interestingly, this development coincided with the launch of Spot Ethereum ETFs, adding to the overall market dynamics.
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