Bitstamp, one of the crypto exchanges heavily involved in the redistribution of Bitcoin assets by defunct Mt. Gox to its creditors announced that it will finally start redistributing the funds it has received from Mt.Gox today.
Bitstamp has received huge Bitcoin assets from Mt. Gox as the defunct exchange continues its process of redistributing about $9 billion worth of BTC assets to its creditors.
Bitstamp in a statement announced that it will start the redistribution of assets it received from Mt.Gox to its creditors starting today per the Block report.
Mt. Gox, one of the earliest crypto exchanges suffered a deadly hack in 2014 leading to loss of user funds. 10 years later, the now defunct exchange is on a mission to repay its users their lost assets and the activity is expected to shake up the crypto market.
Bitstamp in a statement announced that it has received Bitcoin, Bitcoin cash and Ethereum from Mt. Gox trustees and it will begin the redistribution of these assets to Mt.Gox creditors.
“ We’re pleased to announce that we’ve received the Mt. Gox assets. We’re working diligently to distribute them to our Bitstamp customers who are Mt. Gox creditors. Please allow up to one week for security checks. We’ll inform you when the transfer is finalized. Thank you for your patience and trust.”
For UK residents, there will be a separate distribution plan. Rest assured, we’ll keep you updated on the process and ensure you receive your assets as soon as possible.” Bitstamp Tweeted.
Bitstamp in its statement alerted its users to give the funds a 1-week timeline to allow for security checks. They also informed UK users that there would be a separate distribution plan for them. According to the Block UK users can expect to receive their funds within the next few months.
Mt. Gox in the course of the week have sent billions worth of BTC assets to Bitstamp and Kraken as part of their redistribution process. While kraken has long started to redistribute the funds received by Mt. Gox to their creditors, Bitstamp is yet to start and will be finally starting today.
Nairametrics earlier reported that Bitstamp has received over $657 million worth of BTC from Mt.Gox but haven’t redistributed any yet.
The Block also reports that Bitstamp received 2,237 BTC ($147 million) in one address (3QVD5), before receiving another 382 BTC ($25 million) in a second address (3CgKH).
The Mt. Gox redistribution process started early July and has been described by analyst as an overrated event giving that the massive onchain activities involved have not really affected the price of Bitcoin as expected.
What to know
- 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 after 10 years wait. The creditors are sitting on a 10-year profit and are expected to sell off their assets leading to selling pressure.
- At the time of report, the wallet associated with Mt. Gox is left with $5,148 billion worth of BTC assets.
