Bitstamp will return cryptocurrency assets to creditors of Mt. Gox

Bitstamp, the world’s oldest cryptocurrency exchange, is beginning the process of returning seized digital assets to Mt. Gox’s creditors.

Bitstamp has received Bitcoin (BTC), Bitcoin Cash (BCH), and Ethereum (ETH) from the Mt. Gox trustees, and these amounts will be distributed to Bitstamp users starting July 25.

Once security procedures are completed, buyers will have full ownership of their assets within one week of delivery.

UK consumers should expect to receive their refunds within the next few months, even if they were not part of the first tranche of payments. Further details will be provided as they become available.

Those affected by the 2014 attack have been waiting for compensation for a decade, but many stand to make significant gains once the long bankruptcy process is over.

When Mt. Gox crashed, one bitcoin was worth around $600. It is currently trading at around £51,600 / $66,800 per coin.

With an emphasis on security and compliance, Bitstamp is one of the most regulated exchanges with over 50 licenses and registrations worldwide.

Additionally, as part of the restoration procedure, approximately 20,000 former Mt. Gox users will receive over $9 billion worth of Bitcoin, Bitcoin Cash, and Ethereum. Mt. Gox creditors who use Bitstamp as their exchange will receive their restored assets in their Bitstamp accounts.

Jean-Baptiste Graftieaux, global CEO of Bitstamp, said: “As the world’s longest-running cryptocurrency exchange and one of the most trusted, we are proud to play a role in ensuring the integrity of Mt Gox investors. As a testament to Bitcoin’s value as an asset, while Mt Gox investors should never be able to access their tokens, many will make a significant profit.

“Nevertheless, the whole situation confirms the absolute importance of choosing an exchange that prioritizes security and compliance above all else. Investing in cryptocurrencies carries risks, but savvy investors can still make significant gains.”

Bitcoin exchange Mt. Gox was based in Tokyo from 2010 to 2014.

At one point, it was the only exchange older than Bitstamp, handling over 70% of all Bitcoin transactions. In February 2014, the exchange claimed to have discovered suspicious behavior in its digital wallets, at which point it banned withdrawals. The exchange filed for bankruptcy shortly thereafter.

The news, titled “Bitstamp to return crypto assets to Mt. Gox creditors”, was first created and published by Private Banker International, a brand owned by GlobalData.

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