The world’s oldest cryptocurrency exchange, Bitstamp, is beginning the process of giving back seized digital assets to creditors of Mt. Gox.
Bitstamp received Bitcoin (BTC), Bitcoin Cash (BCH), and Ethereum (ETH) from the Mt. Gox trustees, which will be distributed to Bitstamp users starting 25 July.
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After security procedures are completed, recipients will have complete ownership of their assets within a week of delivery.
UK consumers should anticipate receiving their restored during the next few months, even though they will not be part of the first tranche of payments. Further details will be provided as they become available.
Those impacted by the 2014 hacking operation had been waiting for compensation for ten years, but many will now realise significant earnings once a protracted bankruptcy process is over.
When Mt. Gox crashed, the value of one bitcoin was approximately $600. As of right now, it is trading at about £51,600 / $66,800 per coin.
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By GlobalDataWith an emphasis on security and compliance, Bitstamp is one of the most regulated exchanges, holding over 50 licenses and registrations globally.
Moreover, as part of the restoration procedure, nearly 20,000 former Mt. Gox users will get more than $9bn in Bitcoin, Bitcoin cash, and Ethereum. Mt. Gox creditors who used Bitstamp as their exchange will get their restored assets in their Bitstamp accounts.
Jean-Baptiste Graftieaux, global chief executive officer at Bitstamp, stated: “As the world’s longest-running crypto exchange, and one of the most trusted, 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.
“Nonetheless, the whole situation confirms the absolute importance of choosing an exchange that prioritises security and compliance above everything else. Investing in cryptocurrency carries risk, but savvy investors can still stand to make considerable gains.”
From 2010 until 2014, the bitcoin exchange Mt. Gox was situated in Tokyo.
At one point, it was the only exchange older than Bitstamp and handled over 70% of all Bitcoin transactions. The exchange claimed to have discovered suspicious behaviour in its digital wallets in February 2014, at which point it banned withdrawals. The exchange filed for bankruptcy soon after.
