Key Points:
- Bitstamp will compensate Mt Gox creditors, ensuring a swift resolution to a long-awaited process.
- Several Mt Gox creditors have already received BTC and BCH in Bitbank and Kraken accounts, signalling progress in the compensation effort.
The Bitstamp exchange has announced it will distribute tokens to Mt Gox creditors within the next 60 days, following up on the agreement reached between them and the Mt. Gox trustee.
The announcement relieved many who had been expecting compensation since Mt. Gox collapsed in 2014.
Bitstamp assured us that these investors would be paid as soon as possible. The exchange specifically pointed out the commitment and timeline for the agreement and will, therefore, work smoothly towards facilitating the distribution process without hassles. It shall restore some lost faith with the affected investors of this fund, who battled for a long period to get their lost money back.
Progress and Hope for Mt Gox Creditors
Mt Gox lost around 850,000 Bitcoins, roughly valued at nearly $450 million in the currency then. Its fall sent shockwaves through the cryptocurrency market, increasing scrutiny and calling for better security measures throughout the industry.
Over the past months, several Mt Gox creditors based in Japan confirmed receiving their compensation in BTC and BCH to exchange accounts on places like Bitbank and Kraken. This gave hope to the rest of the class of creditors who were waiting for their share of the distributed tokens. Confirmation of those transactions signalled that the long-awaited compensation process is indeed moving.
The involvement of Bitstamp in the distribution process is a vital step toward the redemption process for Mt. Gox. It ensures that the timely and efficient distribution of the tokens will work for their reputation and remain a reliable and trustworthy exchange. In doing so, of course, this act helps the affected investors and includes accountability and transparency in cryptocurrency.