Bitstamp Starts Bitcoin Mt. Gox Repayments

 
Vignesh Karunanidhi
Written By 
Vignesh Karunanidhi
 
Harsh Chauhan
Edited by 
Harsh Chauhan
July 25, 2024

Bitstamp Crypto Exchange has begun repaying Bitcoin to the Mt. Gox creditors. This development marks an end to over ten years of waiting since one of the largest crypto exchange hacks in history.

Bitcoin Reparations Begin

On July 25, Bitstamp announced it had received from the trustee all the funds owed to Mt. Gox creditors, including Bitcoin, Bitcoin Cash, and Ethereum.

On July 25, Bitstamp announced it had received all the funds owed to Mt. Gox

The exchange has promptly started the repayment process. The recipients are expected to gain full control of their assets within a week.

Jean-Baptiste Graftieaux, Bitstamp’s global CEO spoke on the importance of this moment. He noted that while the Mt. Gox incident should never have occurred, Bitcoin’s price appreciation since then underscores BTC’s rising value.

He also stated that many creditors may find themselves in a profitable position due to Bitcoin’s substantial price increase over the years.

The repayment process involves approximately 127,000 Mt. Gox creditors who are owed over $9.4 billion worth of Bitcoin. This large-scale distribution has raised concerns about potential selling pressure on the Bitcoin market.

However, not all creditors will receive their funds immediately. Bitstamp has announced that UK-based customers will face a delay of several months before receiving their assets. The exchange has promised to provide more information to affected UK customers in due course.

Also Read: Mt. Gox moves $75 million BTC

As Bitstamp moves forward with its repayments, other exchanges are also contributing. Kraken, another major crypto exchange, completed its repayments to Mt. Gox creditors on July 24, according to CEO Dave Ripey.

 
Despite the heavy activity, Bitcoin seems stable above the $62,000 indicating a hope of positive movement. As the 2024 Bitcoin Conference commences today, we expect positive impact on the price of Bitcoin going forward.
 
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Vignesh Karunanidhi
Written by Vignesh Karunanidhi

Vignesh Karunanidhi is a journalist at CryptoNewsZ with a knack for making complex financial topics accessible and entertaining. He has written for several leading platforms in the crypto space, including Cryptopolitan, WatchGuru, and Airdrops.io. His articles in CryptoManiaks and The Coin Republic have shown his expertise in market analysis and innovation. His work has also been featured on BeInCrypto and Captain Altcoin, where he writes about the factors that affect crypto prices. Through his writing and strong social media presence, he has built a community of crypto enthusiasts who want to stay updated. As he is ionate about blockchain’s future, he continuously analyzes trends to provide valuable insights.