Bitstamp, the oldest operational crypto exchange, has initiated the process of returning recovered digital assets to creditors of Mt. Gox, the Tokyo-based exchange that infamously collapsed in 2014 following a major hacking incident. The assets being distributed include Bitcoin (BTC), Bitcoin Cash (BCH), and Ethereum (ETH), which were received from the Mt. Gox trustees.
The distribution to Bitstamp customers began on July 25, 2024, and recipients are expected to have full access to their assets within a week, following thorough security checks. However, UK customers will not be part of this initial distribution phase and can expect to receive their assets within the coming months.
This restitution process comes after a decade-long wait for many creditors, during which Bitcoin’s value has surged significantly. At the time of the Mt. Gox collapse, Bitcoin was valued at around $600, compared to the current price of approximately $66,800 per coin. This dramatic increase in value means that many creditors could see substantial returns on their original investments.
Approximately 20,000 former Mt. Gox users are set to receive over $9 billion worth of digital assets as part of the repayment process. Bitstamp, with over 50 licenses and registrations globally, is noted for its strong emphasis on security and compliance, making it a trusted platform for this significant transaction.
Jean-Baptiste Graftieaux, Global CEO at Bitstamp, emphasized the importance of security and compliance in cryptocurrency exchanges, acknowledging the unfortunate circumstances of the Mt. Gox incident while also highlighting the potential for significant gains for those receiving their assets now.
Mt. Gox, which was once responsible for over 70% of all Bitcoin transactions, ceased operations in February 2014 after discovering significant irregularities, leading to its eventual bankruptcy. The restitution process marks a significant chapter in the history of cryptocurrency, underscoring the evolution of security measures and regulatory compliance in the sector.
Source: ffnews.com
