After a decade-long effort to reimburse those affected by the infamous Mt. Gox hack in 2014, crypto exchange Bitstamp has announced that it has started the process of returning recovered digital assets to creditors. This marks a significant milestone in the ongoing saga of Mt. Gox’s collapse, providing hope for the thousands of former users who were left in limbo.
Bitstamp is not alone in this endeavor, as it is one of five exchanges working with the trustee to return digital assets to creditors. Kraken, another prominent exchange, has already completed the restitution process for its users as of July 24. Bitstamp, on the other hand, will be distributing Bitcoin (BTC), Bitcoin Cash (BCH), and Ethereum (ETH) received from the Mt. Gox trustees to its customers, starting from July 25.
Despite the excitement surrounding the return of assets, Bitstamp has made it clear that the first tranche of distributions will not include UK customers. However, they can expect to receive their restored assets in the coming months as the process unfolds. The exchange has promised to provide more information to UK customers as the restitution process continues.
Bitstamp’s global CEO, Jean-Baptiste Graftieaux, has expressed pride in the exchange’s role in facilitating the restitution process. He highlighted the explosive growth of Bitcoin since the Mt. Gox hack, emphasizing the cryptocurrency’s value as an asset. Graftieaux stated, “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.”
The Mt. Gox collapse, which left approximately 20,000 former users in limbo, now presents an opportunity for substantial returns. With Bitcoin currently valued at roughly $66,000 per coin, many of these users stand to benefit greatly from the distribution of over $9 billion worth of Bitcoin, Bitcoin Cash, and Ethereum as part of the restitution process. Mt. Gox, which operated from 2010 to 2014, was once responsible for more than 70% of Bitcoin transactions at its peak before its eventual bankruptcy.
The efforts of exchanges like Bitstamp and Kraken to return digital assets to Mt. Gox creditors mark a significant step towards resolving a decade-long issue that has affected thousands of individuals. As the restitution process unfolds, former users can look forward to reclaiming their assets and potentially seeing substantial returns in the booming cryptocurrency market.
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