Following the recent distribution from Kraken Exchange, Mt. Gox creditors are now set to receive the final tranche of their long-awaited funds.
Earlier today, Bitstamp, a well-known digital currency exchange, announced announced It will distribute the next batch of Bitcoin, Bitcoin Cash, and Ethereum to the affected parties.
The payout process continues
Bitstamp, one of the oldest cryptocurrency exchange platforms, announced that it would soon begin disbursing digital assets to creditors of the defunct Mt. Gox exchange.
Bitstamp confirmed receipt of significant amounts of BitcoinBitcoin Cash and Ethereum from Mt. Gox trustees. Distribution to eligible Bitstamp account holders begins Thursday, July 25th.
The distribution represents a significant step in winding down what remains after the 2014 collapse of Mt. Gox, which left thousands of customers without access to their tokens. Now, these users will have the opportunity to share in restitution which consists of billions of digital assets.
Bitstamp has pledged to distribute funds responsibly, with an emphasis on security and order. In a social media post, the exchange emphasized its commitment to carefully screening all transfers for security risks. The post noted:
We are pleased to announce that we have received the Mt. Gox assets. We are working hard to distribute them to our Bitstamp customers who are Mt. Gox creditors. Please allow up to a week for security checks. We will notify you when the transfer is complete. Thank you for your patience and trust.
The exchange also named a bespoke distribution plan for UK residents, promising to keep them informed and ensure they receive their assets quickly.
Update on the recent distribution
In the meantime, Cracking appears to have distributed all of the crypto assets it received from Mt. Gox to its creditors.
1/ @krakenfx has successfully distributed #Bitcoin and Bitcoin Cash of the @mtgox estate returned to creditors.
It has been almost ten years since Kraken was selected by the Trustee to facilitate the investigation and return of client funds. It was our privilege and it was our duty. photo.twitter.com/ptKexzN4gm
— Dave Ripley (@DavidLRipley) July 23, 2024
Before the start of distribution, many had a handful of creditors to cash out the distributed funds, which has a negative impact on the crypto market, especially BitcoinContrary to these expectations, however, data show that creditors were more interested in holding rather than selling.
CryptoQuant CEO Ki Young Ju in particular reported:
Mt. Gox creditors received Bitcoin 4 hours ago. Since then, there has been no significant spike in hourly spot trading volume dominance or BTC outflows on Kraken.
Ju noted that this seems like a “positive sign,” though he noted, “We have to wait for the Asian time zone.”
Adding to this “positive” sentiment, a CryptoQuant analyst reported that there has been a significant increase in BTC recordings of Kraken after the payout, indicating that creditors “are not selling and are preparing to hold their coins and move them from exchanges to cold wallets.”
Main image created with DALL-E, chart from TradingView