Kelvin Daminabo
Bitstamp, a major cryptocurrency exchange, has announced plans to reimburse creditors of the now-defunct Bitcoin exchange, Mt. Gox. Following in the footsteps of Kraken, which recently started distributing Mt. Gox funds to its clients, Bitstamp has confirmed the receipt of Bitcoin, Bitcoin Cash, and Ethereum from the Mt. Gox Trustee for compensating hack victims.
It is expected that the disbursements to affected users could commence as early as Thursday, July 25. However, a separate distribution strategy is in place for U.K. residents, with the exact sum transmitted by Mt. Gox remaining undisclosed. Recent data brought to light four Bitcoin transactions from Mt. Gox, with two transfers at least landing in Bitstamp wallets. These transactions involved substantial Bitcoin amounts totaling 2,237 BTC ($147 million) and 382 BTC ($25 million).
Moreover, around the same time as the Bitstamp transactions, the Mt. Gox Trustee also sent 32,371 Bitcoin ($2.13 billion) to an unmarked wallet. This occurrence underscores the extent of Mt. Gox repayments, as approximately 20,000 users are owed $9 billion in Bitcoin and other cryptocurrencies due to six hacks occurring between 2011 and 2014. The identity of the hackers behind these breaches remains unknown, marking a pivotal moment in Bitcoin’s history.
Bitstamp’s declaration acts as a marker of the continuous endeavors to reimburse victims of the Mt. Gox hacks. While Kraken has already settled repayments for its customers, Bitstamp’s initiative offers optimism to those still awaiting compensation. Nevertheless, the recent announcement had a marginal impact on Bitcoin’s value, causing a 1% decline in its trading post the news. As the distribution of Mt. Gox funds progresses, affected users are eagerly anticipating reimbursement while the cryptocurrency community observes developments closely.