After a lengthy legal process spanning ten years, Mt. Gox, formerly the largest Bitcoin exchange, is now poised to initiate reimbursements to its clientele. Before its collapse in 2014, the exchange, which processed more than 70% of all BTC transactions, lost 950,000 BTC while the value of Bitcoin was $600 a coin.
In the current month, a total of 20,658 clients will begin receiving a portion of their previously lost assets, which are currently valued at over $9 billion in Bitcoin, Bitcoin Cash (BCH), and Ethereum (ETH).
The repayment process will commence with Bitcoin (BTC) and Bitcoin Cash (BCH), as officially acknowledged by the rehabilitation trustee of Mt. Gox.
David Ripley, the CEO of Kraken, has confirmed the successful distribution of Mt. Gox BTC and BCH to creditors. On July 16, a total of 48,641 BTC was transmitted to an address that is thought to belong to a Kraken wallet.
Bitstamp, a European exchange, has verified the receipt of cash from Mt. Gox and has commenced the redistribution of assets to creditors who are not located in the United Kingdom.
Arkham Intelligence reports that Mt. Gox currently possesses roughly 90,344 BTC, valued at almost $5.77 billion. This amount represents about 64% of the initial 140,000 BTC that was seized by law enforcement.
The commencement of repayments is a noteworthy achievement for Mt. Gox creditors, finally delivering the long-awaited retribution for their financial losses. Exchanges such as Kraken and Bitstamp have sustained market stability by practicing transparent communication.
The overall response of the crypto market has been subdued, with just slight swings in the values of BTC and BCH. This indicates that the market was well aware of these developments and had already factored in the probable effects.
Recently, Bitstamp exchange has received a transfer of Bitcoin (BTC) from defunct crypto exchange Mt. Gox and will commence the process of distributing it to creditors on Thursday. The exchange also holds Bitcoin Cash obtained from the Mt. Gox trustee.
