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Bitstamp to Start Distributing Mt. Gox Proceeds on Thursday
Customers of the defunct crypto exchange lost their funds in a 2014 hack, and the imminent distribution of nearly $9 billion worth of assets to creditors has been weighing on crypto markets.
Updated Jul 24, 2024, 4:33 p.m. Published Jul 24, 2024, 3:33 p.m.
In this article
- Bitstamp's action follows reports by creditors receiving assets on Kraken on Wednesday.
- The prices of bitcoin and bitcoin cash declined after the news.
Mt. Gox customers will start receiving payouts from the defunct crypto exchange through Bitstamp on Thursday, some 10 years after the exchange succumbed to a hack.
The funds in bitcoin , ether and bitcoin cash were received from the Mt. Gox trustees today, Bitstamp said in post on its website. U.K. customers will not be included in the first set of distributions, the crypto exchange said.
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Bitstamp's action came after multiple Mt. Gox creditors reported receiving assets via Kraken. The trust managing the Mt. Gox assets started sending assets to several crypto exchanges this month, and users will be able to reclaim the funds in the coming weeks. Mt. Gox was once the world’s biggest crypto exchange, handling over 70% of all bitcoin transactions in its early years.
The imminent distribution of nearly $9 billion worth of assets, mostly BTC and BCH, has been weighing on the crypto market. Investors were worried the creditors would sell the reclaimed assets, realizing the profits of 10 years of price appreciation, and flood the market.
Bitcoin fell slightly to $66,200 on the news, while BCH dropped nearly 2%.
Read more: Crypto Markets to See Selling Pressure in July From Mt. Gox Creditors: JPMorgan
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