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News

Mt. Gox Creditor Assets Now Available on Bitstamp After Security Check

July 26, 2024 - Around 2 mins mins to read

Key Points:

  • Bitstamp made Mt. Gox assets available with a separate plan for UK customers.
  • Mt. Gox creditors received funds via Bitstamp and Kraken.
Mt. Gox creditor assets are now available on Bitstamp after security checks. UK customers are excluded from phase one. The distribution, totaling nearly $9 billion, has impacted the crypto market.
Mt. Gox Creditor Assets Now Available on Bitstamp After Security Check
Mt. Gox Creditor Assets Now Available on Bitstamp After Security Check

Bitstamp announced that the assets distributed to Mt. Gox creditors on the Bitstamp platform are fully available after a security check. A separate distribution plan for customers based in the UK is being devised.

Bitstamp Announces Availability of Assets for Mt. Gox Creditors

Mt. Gox customers will receive some payment from their Bitcoin behemoth through Bitstamp today, nearly a decade after the exchange was hacked.

According to a post on Bitstamp’s website, funds in Bitcoin, ether, and Bitcoin cash were received from Mt. Gox trustees on Wednesday. UK customers will not be included in phase one of the distribution.

The move comes amid numerous reports from Mt. Gox creditors claiming to have received assets through Kraken. The Mt. Gox trust began disbursing funds to multiple crypto exchanges this month, and users will be able to reclaim these funds in the coming weeks. At one time, the world’s biggest crypto exchange, Mt. Gox, processed over 70% of all Bitcoin transactions in its initial years.

Read more: Solana Flips BNB, Now Fourth-Largest Crypto with 8% 24h-Surge

Impact of Mt. Gox Creditor Assets on the Crypto Market

The imminent distribution of almost $9 billion in assets, primarily BTC and BCH, has impacted the crypto market. Investors are worried that creditors might sell the repossessed assets into the flooded market in search of profits made over ten years.

Users of Bitstamp have earlier confirmed their receipt of BTC and BCH assets on Reddit. Kraken has also earlier distributed BTC and BCH to the Mt. Gox creditors. This brings to the significant state of the year the finalization of the matters at hand between former Mt. Gox users and the exchange company.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Author

Thana

I am a news editor at Coincu, where I produce daily editorial packages and manage the knowledge and review article sections. Before journalism, I earned a Bachelor's degree in Global Logistics and Supply Chain Management from Northampton University and studied news journalism at Press Association Training.