Bitstamp starts Mt. Gox creditor repayments

Bitstamp has begun repaying Mt. Gox creditors after receiving all the funds owed to them from the trustee.

The recipients can expect to have full control of their assets within a week after the completion of the necessary security controls, according to an announcement shared with Cointelegraph.

While the Mt. Gox incident should not have occurred, Bitcoin’s price appreciation since the incident is a testament to the asset’s value, according to Jean-Baptiste Graftieaux, global CEO of Bitstamp, who wrote:

“We’re proud to play our part in making the Mt Gox investors whole. 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.”

Over $9.4 billion worth of Bitcoin is owed to approximately 127,000 Mt. Gox creditors who have been waiting for over 10 years to recover their funds — threatening significant Bitcoin sell pressure from creditors.

Mt. Gox’s UK creditors will have to wait a few more months: Bitstamp

The announcement marks a positive sign for Mt. Gox creditors, but Bitstamp users based in the United Kingdom may have to wait a few more months before finally receiving their assets.

Bitstamp’s announcement added that UK customers will be informed in “due course”:

“While UK customers will not be included in the first tranche of distributions, UK customers can expect to receive their restored within the next few months and will receive more information in due course.”

Bitcoin’s price remains subdued, but Mt. Gox creditors aren’t selling

However, Bitcoin’s price doesn’t seem to be affected by Mt. Gox creditors, as onchain data suggests they aren’t selling.

“Mt. Gox creditors received Bitcoin 4 hours ago. There has been no significant spike in hourly spot trading volume dominance or BTC outflows on Kraken since then.”

Magazine: Could a financial crisis end crypto’s bull run?