Bitstamp starts Mt. Gox creditor repayments
Bitstamp has begun repaying Mt. Gox creditors after receiving all the funds owed to them from the trustee.
The cryptocurrency exchange received all the Bitcoin ( BTC ), Bitcoin Cash ( BCH ) and Ethereum ( ETH ) and started repaying creditors on July 25.
The recipients can expect to have full control of their assets within a week, after the completion of the necessary security controls, according to an announcement shared with Cointelegraph.
While the Mt. Gox incident should not have occurred, Bitcoin’s price appreciation since the incident is a testament to the asset’s value, according to Jean-Baptiste Graftieaux, the global CEO of Bitstamp, who wrote:
“We’re proud to play our part in making the Mt Gox investors whole. It’s a testament to Bitcoin’s value as an asset that, although the Mt Gox investors should never have been unable to access their tokens, many will make a serious profit.”
Over $9.4 billion worth of Bitcoin is owed to approximately 127,000 Mt. Gox creditors who have been waiting for over 10 years to recover their funds — threatening significant Bitcoin sell pressure from creditors.
The announcement comes days after Mt. Gox executed the first test transactions on the Bitstamp exchange.
Related: Over 36% of Mt. Gox Bitcoin distributed to creditors, but whales keep accumulating
Mt. Gox’s UK creditors will have to wait a few more months: Bitstamp
The announcement marks a positive sign for Mt. Gox creditors, but Bitstamp users based in the United Kingdom may have to wait a few more months before finally receiving their assets.
Bitstamp’s announcement added that UK customers will be informed in “due course”:
“While UK customers will not be included in the first tranche of distributions, UK customers can expect to receive their restored within the next few months and will receive more information in due course.”
Other exchanges are also working on repaying creditors. Notably, Kraken finished repaying Mt. Gox creditors on July 24, according to Dave Ripey, the CEO of Kraken.
Related: Why Biden’s exit from the elections briefly pushed Bitcoin price to $68K
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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