Published: July 26, 2024 at 11:48 am Updated: July 26, 2024 at 11:48 am
Edited and fact-checked:
July 26, 2024 at 11:48 am
In Brief
Crypto exchange Bitstamp announced that the assets credited to Mt. Gox creditors are now accessible after the completion of security checks.
European cryptocurrency exchange Bitstamp announced via the social media platform X that the assets credited to creditors of the Mt. Gox Bitcoin exchange on Bitstamp are now fully accessible following the completion of security checks.
The company also mentioned that a separate distribution plan will be implemented for customers in the United Kingdom, with updates to be provided as developments occur. However, it is anticipated that United Kingdom customers will receive their restored assets within the upcoming months.
Merely 20,000 former users of Mt. Gox are slated to receive their funds in Bitcoin (BTC) and Bitcoin Cash (BCH) as part of the restitution procedures. Creditors who selected Bitstamp as their exchange will have their restored assets delivered to their Bitstamp accounts. Furthermore, many recipients are expected to realize notable gains, as Bitcoin was valued at around $600 at the time of the Mt. Gox collapse. Currently, Bitcoin is trading at $67,485, reflecting a 4.11% increase over the past 24 hours, according to CoinMarketCap data.
Mt. Gox Creditors To Receive $9B In Bitcoin And $55M In Bitcoin Cash
Mt. Gox was operational from 2010 to 2014 and, at its peak, was responsible for 70% of Bitcoin transactions. The exchange began to experience problems in early 2014, with individuals reporting difficulties in withdrawing funds. By February of that year, Mt. Gox had suspended all trading activities.
On February 28th, 2014, Mt. Gox filed for bankruptcy protection in Japan, disclosing that around 850,000 Bitcoins, valued at approximately $450 million at that time, were missing. Subsequent investigations found that Mt. Gox had been insolvent for a period prior to its collapse, with large amounts of Bitcoin unaccounted for due to security vulnerabilities and poor management.
Individuals impacted by the 2014 hacking incident have been waiting for a decade to receive compensation. In June 2024, Mt. Gox Rehabilitation Trustee Nobuaki Kobayashi announced that repayments of Bitcoin and Bitcoin Cash would commence in July 2024. At that time, the total value of the assets to be repaid was approximately $9 billion in Bitcoin and $55 million in Bitcoin Cash.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa Davidson
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
More articles
In conclusion, the full accessibility of assets for Mt. Gox creditors on Bitstamp marks a significant milestone in the restitution process for individuals impacted by the 2014 hacking incident. With $9 billion in Bitcoin and $55 million in Bitcoin Cash set to be distributed, many former users of Mt. Gox can finally expect to receive compensation after a decade of waiting. The increased value of Bitcoin since the collapse further underscores the potential gains that recipients may realize. This development not only brings closure to a long-standing issue but also highlights the changing landscape of the cryptocurrency market.
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