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Bitstamp to restore crypto assets to Mt. Gox creditors

Bitstamp, the world’s longest-running crypto exchange, is today starting the process to return recovered digital assets to Mt. Gox creditors.

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Bitstamp today received Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH) from the Mt. Gox trustees, which it will begin to distribute to Bitstamp customers from tomorrow (July 25).

Recipients will have full control of their assets within a week of receipt following the completion of security checks.

While UK customers will not be included in the first tranche of distributions, UK customers can expect to receive their restored within the next few months and will receive more information in due course.

Those affected by the 2014 hacking operation have spent a decade waiting to be reimbursed, but now, with a lengthy bankruptcy process concluded, many will realise considerable profits. Bitcoin was worth about $600 when Mt. Gox collapsed - and is currently trading at roughly £51,600 / $66,800 per coin.

With over 50 licenses and registrations worldwide, Bitstamp is one of the world’s most regulated exchanges, with an overriding focus on security and compliance.

Jean-Baptiste Graftieaux, Global Chief Executive Officer at Bitstamp, said: “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.”

In total, approximately 20,000 former users of Mt. Gox, which collapsed in 2014 after being hacked, are set to receive over $9bn worth of Bitcoin, Bitcoin cash, and Ethereum as part of the restitution process. Mt. Gox creditors who chose Bitstamp as their exchange will receive their restored assets via their Bitstamp account.

Mt. Gox was a Tokyo-based cryptocurrency exchange that operated between 2010 and 2014. As the only exchange older than Bitstamp, it was originally responsible for more than 70% of Bitcoin transactions at its peak. In February 2014, the exchange suspended withdrawals after claiming to have found suspicious activity in its digital wallets. Shortly after, the exchange declared bankruptcy.

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