Mt. Gox customers will finally get their payouts through Bitstamp today. It has been a decade since the exchange fell victim to a crypto hack that led to its collapse.
Bitstamp to Begin the Mt. Gox Restitution Process this Week
Bitstamp officially announced the long-awaited process of returning Bitcoin and Bitcoin Cash to the defunct Mt. Gox creditors.
As earlier revealed, Mt. Gox said over 20,000 creditors left in the lurch in 2014 are in line to receive a staggering sum of over $9 billion. Before now, Bitstamp reassured the creditors that the Mt. Gox repayment process would start immediately when it receives the funds. The anticipating creditors were elated to hear the exchange plans to start the payout this week.
In the press release, Bitstamp said it had received a substantial amount of digital assets from the defunct exchange’s trustees. This statement helped market watchers identify the unknown wallet that received a large chunk of Bitcoin recently belonged to Bitstamp. Also, recently, the defunct exchange sent a fresh $2.8 billion worth of Bitcoin to the Bitstamp as it gears up to pay its debts.
The recompense, scheduled to begin on July 25, will be paid in Bitcoin, Bitcoin cash and Ethereum, the exchange added.
Market Watchers Hopes for Bitcoin Rebound Amidst Uncertainty
This update aligns with the recent report regarding the once-defunct crypto lending platform BlockFi. It was reported on July 18 that BlockFi plans to repay its creditors before the end of this month. The repayment plan surfaces just as market experts anticipate a Bitcoin recovery following the end of Germany’s selling spree.
However, concerns persist in the market due to the impending distribution of a substantial amount of digital assets. Nevertheless, events that occurred recently somewhat rekindled the traders and crypto enthusiasts’ confidence in the market. In addition, the recent patterns formed in Bollinger Bands hinted the digital asset to go on an upward bullish movement soon.
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