Mt. Gox creditors to start receiving bitcoin and bitcoin cash from Bitstamp on Thursday

The Block2024/07/24 15:55

By:The Block

Quick Take Bitstamp said it has begun the process of returning digital assets to Mt. Gox creditors. The exchange received bitcoin, bitcoin cash and Ethereum from the Mt. Gox trustees on Wednesday and will begin distributing the digital assets to customers tomorrow.

Bitstamp made the highly-anticipated announcement that it has started the process of returning digital assets to Mt. Gox creditors.

The cryptocurrency exchange said in a statement Wednesday it has received bitcoin, bitcoin cash and Ethereum from the Mt. Gox trustees and will begin distributing the digital assets to Bitstamp customers starting Thursday, July 25.

"In total, approximately 20,000 former users of Mt. Gox, which collapsed in 2014 after being hacked, are set to receive over $9 billion worth of bitcoin, bitcoin cash, and Ethereum as part of the restitution process," Bitstamp said in its statement.

The Block previously reported that Mt. Gox had begun sending bitcoin to Bitstamp this week. It first transferred 2,237 BTC ($147 million) to one address (3QVD5), before then transferring another 382 BTC ($25 million) to a second address (3CgKH), both of which are labeled as belonging to Bitstamp.

A cryptocurrency wallet associated with Mt. Gox has also transferred 32,371 bitcoin ($2.13 billion) to an unknown address. The transfer follows Kraken paying out creditors on Tuesday.

In another transfer, Mt. Gox sent about $2.8 billion in bitcoin to another address, The Block also reported.

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