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- A greater number of Mt. Gox creditors have begun to receive their Bitcoin (BTC) settlements from Bitstamp, while others continue to wait.
This week has brought a wave of optimism for Mt. Gox, the now-defunct cryptocurrency exchange that has been working to recover the funds lost by creditors after its failure in February 2014. On July 23, 2024, numerous creditors marked the occasion by receiving their claims, concluding a wait that has lasted nearly a decade.
While the celebrations were mainly focused among a specific group of creditors, another group has emerged with additional positive news.
Bitstamp Initiates Mt. Gox BTC Settlement
After Kraken’s distribution of Bitcoin and Bitcoin Cash payments to Mt. Gox creditors earlier this week, Bitstamp, another exchange assigned to manage the ongoing settlement, has finalized its share of the distribution.
On Friday, July 26, 2024, the Reddit community ‘mtgoxinsolvency’ was filled with joy as many creditors confirmed they had received their allocations from the exchange.
The enthusiasm was heightened by various reports of the amounts received, with one creditor mentioning that their 36 BTC, valued at $60,000 at the time of the exchange’s collapse, has now surged to over $2 million at current market rates.
Bitstamp also utilized the social media platform X to announce the complete distribution of funds, indicating that they are fully accessible following the completion of necessary security checks. However, the exchange included a disclaimer for a specific group.
We are pleased to announce that the credited assets we have distributed to Mt. Gox creditors on Bitstamp are now fully accessible after completing security checks. Thank you for your patience.
— Bitstamp (@Bitstamp) July 26, 2024
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“For our customers in the UK, a separate distribution plan will be established. We will keep you updated as soon as we receive further information from the Mt. Gox Trustee,” the statement indicated.
In addition to the UK-based creditors assigned to Bitstamp, another group of creditors is still awaiting their payments.
BitGo Mt. Gox Creditors Still Awaiting Payments
Some members of the ‘mtgoxinsolvency’ Reddit group have reported that they are still pending their settlements from BitGo, another exchange responsible for payouts, inquiring about the potential timeline for resolution.
User ‘parrotpants55′ was among those who raised the inquiry, with his comment generating over 13 responses from others with similar concerns.
While there has been no official update from BitGo regarding the timeline for its distribution, it is noteworthy that the Mt. Gox bitcoin settlement seems to be occurring in phases, which may be contributing to the ongoing delays.
Moreover, the recent transfer of funds by Mt. Gox to various wallet addresses indicates that distributions to the designated exchanges are still in progress.
Some Mt. Gox creditors have reported not receiving Kraken’s settlement, despite the exchange confirming that the distribution was completed days prior.
Other creditors have encountered difficulties in selling the coins received on Bitstamp.
At the time of reporting, Bitcoin is trading at, having increased by a total of 4.7% in the last 24 hours.
The settlement of additional Mt. Gox creditors by Bitstamp implies that the long-standing insolvency and settlement process may soon reach a conclusion, providing a positive outcome for the creditors who have awaited resolution for an extended period.
