Bitstamp Repays Mt. Gox Creditors in Bitcoin
Bitstamp, a leading cryptocurrency exchange, has initiated the process of repaying Mt. Gox creditors in Bitcoin. This development comes more than a decade after the infamous Mt. Gox hack, one of the largest in cryptocurrency exchange history.
Bitcoin Reparations Commence
On July 25, Bitstamp announced that it had received all funds owed to Mt. Gox creditors, which include Bitcoin, Bitcoin Cash, and Ethereum. The exchange wasted no time and immediately began the repayment process, with recipients expected to gain full control of their assets within a week.
Implications and Concerns
Bitstamp Global CEO Jean-Baptiste Graftieaux emphasized the significance of this moment, acknowledging the unfortunate Mt. Gox incident while also highlighting the substantial increase in Bitcoin’s value since then. With approximately 127,000 Mt. Gox creditors owed over $9.4 billion worth of Bitcoin, concerns have been raised about potential selling pressure in the Bitcoin market.
While some creditors may benefit greatly from the rise in Bitcoin prices over the years, not all will receive their funds immediately. Bitstamp has announced delays for UK customers, promising to provide them with further information in the coming months. Other exchanges, such as Kraken, have also contributed to the repayment efforts, further assisting Mt. Gox creditors in reclaiming their assets.
