Crypto exchange Bitstamp says it has commenced to return digital assets to creditors of the Mt. Gox debacle.
A long time in the making, crypto is finally being returned to claimants as part of the bankruptcy process of the once-top crypto exchange. Bitstamp said they have received Bitcoin (BTC), Bitcoin Cash (BCH), and Ethereum (ETH) from the trustees managing the process. Distribution will start tomorrow, July 25, 2024.
Bitstamp adds that recipients will have full control of their assets within a week of receipt following the completion of security checks.
UK customers are not being included in the first round of distributions but individuals may expect to receive digital assets in the coming weeks.
Bitstamp noted that despite the many-year delay in receiving their digital assets, claimants may realize profits. Bitcoin was trading at around $600 when Mt Gox failed, and today, it is trading at over $60,000.
Jean-Baptiste Graftieaux, Global Chief Executive Officer at Bitstamp, commented:
“As the world’s longest-running crypto exchange, and one of the most trusted, 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.”
Graftieax added that investors should choose an exchange that prioritizes security and compliance.
In total, approximately 20,000 former Mt. Gox users are set to receive over $9 billion worth of Bitcoin, Bitcoin Cash, and Ethereum as part of the restitution process.
Mt. Gox was a Tokyo-based crypto exchange that operated between 2010 and 2014. At one point it was responsible for more than 70% of Bitcoin transactions. In February 2014, the exchange suspended withdrawals after claiming to have found suspicious activity in its digital wallets. Shortly after, the exchange declared bankruptcy.
