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Cryptocurrency exchange Bitstamp She announced that she had started the return process. Recovered digital assets To the creditors of the dissolved company Mount Gox exchange.
The development represents a significant milestone in the decade-long effort to compensate those affected by the infamous 2014 hack that led to the collapse of Mt. Gox.
Bitstamp is one of five exchanges, including Kraken, working with the trustee to return digital assets to creditors. Kraken said on July 24 that it The recovery process has been completed. For its users.
Payment process
Bitstamp said it will distribute Bitcoin (BTC), Bitcoin Cash (BCH), and Ethereum (ETH) received from Mt. Gox custodians to Bitstamp customers as of July 25. After completing the necessary security checks, recipients will receive full control of their assets within a week.
Although the first round of distributions will not be available to UK customers, they can expect to receive their recovered assets in the coming months. Bitstamp confirmed that more information will be provided to UK customers as the process progresses.
Bitstamp’s global CEO, Jean-Baptiste Graftieux, expressed his pride in the exchange’s role in facilitating the recovery, and highlighted the tremendous growth of Bitcoin since the hack. He said:
“It is a testament to the value of Bitcoin as an asset that, while it was not intended that Mt. Gox investors would be unable to access their tokens, many of them would still make significant profits.”
The collapse of Mt. Gox, which saw bitcoin trading at around $600 per coin at the time, left around 20,000 former users in limbo.
Now, with Bitcoin valued at around $66,000 per coin, many of these users are in for a huge payout. Over $9 billion in Bitcoin, Bitcoin Cash, and Ethereum are set to be distributed as part of the giveaway.
Mt. Gox, which operated from 2010 to 2014, was responsible for more than 70% of bitcoin transactions at its peak. The exchange was forced to suspend withdrawals in February 2014 after suspicious activity was discovered in its digital wallets. It subsequently declared bankruptcy.
