Mt. Gox Creditors See More Payouts as Bitstamp Distributes BTC

• Another set of Mt. Gox creditors have received good news.
• The exchange’s settlement process is ongoing .
• Crypto exchange Bitstamp has released a statement.

The present week has been marked with a wave of positivity for Mt. Gox, the defunct crypto exchange that has been on a journey to restore the funds lost by creditors following its collapse in February 2014. On July 23, 2024, several creditors celebrated the receipt of their claims, marking the end to a decade-long wait

While the celebrations were primarily concentrated among a group of the creditors, another set has emerged with more good news.

Bitstamp Rolls Out Mt. Gox BTC Settlement

Following Kraken’s distribution of Bitcoin and Bitcoin Cash payments to Mt. Gox creditors earlier this week, Bitstamp, another exchange designated to handle the ongoing settlement, has completed its portion of the distribution.

On Friday, July 26, 2024, the Reddit group ‘mtgoxinsolvency’ flooded with celebration , when many creditors confirmed receiving their portions from the exchange. The excitement was fueled by various declarations of the amounts received, with one creditor noting that their 36 BTC, worth $60,000 at the time of the exchange’s collapse, has now appreciated to over $2 million at current rates.

Bitstamp also took to social media platform X to confirm the complete distribution of funds, stating that they are fully accessible upon the completion of necessary security checks. However the exchange added a disclaimer for a select group.

“​​For our customers in the UK, a separate distribution plan will be in place. We'll keep you informed as soon as we receive more information from Mt. Gox Trustee,” the statement read.

Beside the UK-based creditors designated to Bitsamp, another set of creditors are still awaiting payments. 

BitGo Mt. Gox Creditors Still Waiting

Some participants in the ‘mtgoxinsolvency’ Reddit group have reported that they are still waiting for their settlements from BitGo, another exchange responsible for payouts, asking questions about the likely date of resolution. User ‘parrotpants55’ was one of the many to raise the question , with his comment pulling over 13 contributions with people with similar concerns.

While there has been no official confirmation from BitGo regarding the timeline of its distribution, it is important to note that the Mt. Gox bitcoin settlement appears to be occurring in successions, which may be contributing to the ongoing delay.

Additionally, the recent movement of funds by Mt. Gox to various wallet addresses suggests that distributions to the designated exchanges is still underway.

On the Flipside

• Some Mt. Gox creditors reported not receiving Kraken’s settlement, despite the exchange confirming that distribution was completed days ago.
• Other creditors have reported challenges in selling the received coins on Bitstamp.
• At press time, Bitcoin is trading at , up a total 4.7% in the last 24 hours.

Why This Matters

The settlement of more Mt. Gox creditors by Bitstamp suggests that the decades-long insolvency and settlement chapter may soon be brought to a close, and on a positive note for the creditors who have long awaited resolution.

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