Bitstamp Begins Asset Distribution for Mt. Gox Creditors

Bitstamp has officially started the process of returning digital assets to Mt. Gox creditors.

In a statement released on Wednesday, the cryptocurrency exchange announced that it has received Bitcoin, Bitcoin Cash, and Ethereum from the Mt. Gox trustees. The distribution to Bitstamp customers is set to begin on Thursday, July 25.

Bitstamp stated, “In total, approximately 20,000 former users of Mt. Gox, which collapsed in 2014 after being hacked, are set to receive over $9 billion worth of Bitcoin, Bitcoin Cash, and Ethereum as part of the restitution process.”

Although distributions will start on Thursday, Bitstamp cautioned some creditors that transfers may take up to “one week.” Furthermore, they informed UK customers that they will not be included in the first tranche of distributions, but can expect their funds within the next few months.

The Block reported that Mt. Gox began sending Bitcoin to Bitstamp earlier this week, with an initial transfer of 2,237 BTC (worth approximately $147 million) to one address, followed by another transfer of 382 BTC (worth about $25 million) to a second address, both associated with Bitstamp.

In total, a cryptocurrency wallet linked to Mt. Gox also transferred 32,371 Bitcoin (valued at $2.13 billion) to an unknown address, and an additional transfer of around $2.8 billion in Bitcoin was sent to another address, as reported by The Block.