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Bitstamp will begin distributing crypto to Mt. Gox creditors on July 25 after receiving a large transfer of assets from the trustees of the collapsed exchange a day earlier.
The Mt. Gox trustees <a href="https://cointelegraph.com/news/mt-gox-transfers-335m-bitstamp-unknown-address">transferred 5,106 Bitcoin</a> (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) directly to Bitstamp and 2,869 BTC to an unknown address, after which they underwent additional transfers before ending up in wallets associated with Bitstamp. Bitstamp also received Bitcoin Cash (<a href="https://cointelegraph.com/bitcoin-cash-price-index">BCH</a>) and Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>) from the trustees.
It will take a week for recipients of the repayments to undergo security checks, after which they will have full control of their coins, the exchange said in a statement. Bitstamp customers based in the United Kingdom will not be included in the first round of repayments. They can expect to receive their repayments “within the next few months.”
<h2 id="mt-gox-repayment-may-be-worth-the-wait">Mt. Gox repayment may be worth the wait</h2>
The price of BTC has risen over 10,000% since the collapse of Mt. Gox in 2014, which left over 20,000 users without access to their crypto. Bitstamp noted:
<blockquote data-ct-non-breakable="true">
 “Those affected by the 2014 hacking operation have spent a decade waiting to be reimbursed, but now, with a lengthy bankruptcy process concluded, many will realise considerable profits.”
</blockquote>
Bitstamp is one of five cryptocurrency exchanges taking part in the bankrupt exchange’s Rehabilitation Plan. Kraken announced on July 24 that it, too,&nbsp;<a href="https://cointelegraph.com/news/kraken-completes-mt-gox-bitcoin-distribution-credits">had distributed the crypto</a> it received from Mt. Gox to its creditors. 
<h3 id="mt-gox-repayment-could-shake-up-the-market">Mt. Gox repayment could shake up the market</h3>
Mt. Gox originally <a href="https://cointelegraph.com/magazine/jpex-staff-flee-token2049-scandal-mt-gox-decade-delay-dcs-singapore-asia-express/">set a repayment date</a> of October 2023 for creditors who registered claims but announced at the time that it had not been able to complete the processes necessary to begin repayment. Mt. Gox <a href="https://cointelegraph.com/news/mt-gox-bitcoin-transfer-9-6b-creditor-repayment-2024">began shifting assets</a> in May and indicated that the movement was part of its repayment efforts.
Related: <a href="https://cointelegraph.com/news/mt-gox-repayments-bitcoin-sell-pressure-paper-hands">Mt. Gox repayments will only cause Bitcoin sell pressure among ‘paper hands’ — Analyst</a>
Analysts were concerned that the users recovering their assets could negatively impact the market with mass selloffs. So far, those concerns <a href="https://cointelegraph.com/news/mt-gox-creditors-hodl-btc-payouts-reddit">seem to be unfounded</a>, according to polling.&nbsp;
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/3d57d5a0-53cf-4dcd-9596-766f9f3773ea.png" alt="Bitstamp will begin Mt. Gox creditor repayments on July 25" title="">
 <figcaption style="text-align: center;">
 Source: <a href="https://x.com/ki_young_ju/status/1816147418083217832" target="_blank" rel="noopener nofollow">Ki Young Ju</a>
 </figcaption>
</figure>
Tokyo-based Mt. Gox operated from 2010 to 2014. It declared bankruptcy after discovering the theft of 850,000 BTC that had been gradually siphoned off from it.
Magazine: <a href="https://cointelegraph.com/magazine/blockchain-detectives-mt-gox-collapse-birth-chainalysis/">Blockchain detectives: Mt. Gox collapse saw birth of Chainalysis</a>

Bitstamp will begin Mt. Gox creditor repayments on July 25

Innholdsfortegnelse

Cointelegraph

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