tl;dr
Mt. Gox creditors are set to receive the final batch of funds from Bitstamp, including Bitcoin, Bitcoin Cash, and Ethereum. The digital asset exchange has confirmed the receipt of significant amounts of these cryptocurrencies from the Mt. Gox trustees and will begin distributing them to eligible acc...
Mt. Gox creditors are set to receive the final batch of funds from Bitstamp, including Bitcoin, Bitcoin Cash, and Ethereum. The digital asset exchange has confirmed the receipt of significant amounts of these cryptocurrencies from the Mt. Gox trustees and will begin distributing them to eligible account holders on July 25. Bitstamp has emphasized responsible fund distribution, focusing on security and orderliness. Additionally, Kraken has successfully distributed Bitcoin and Bitcoin Cash to Mt. Gox creditors, with data showing that creditors are holding the distributed funds rather than selling them, indicating a positive sentiment in the market. Earlier today, Bitstamp announced it will distribute the next batch of Bitcoin, Bitcoin Cash, and Ethereum to affected parties.
Bitstamp, a platform that ranks among the oldest in the cryptocurrency exchange sphere, disclosed that it would soon initiate the disbursing of digital assets to creditors of the defunct Mt. Gox exchange. On Wednesday, Bitstamp confirmed the receipt of significant amounts of Bitcoin, Bitcoin Cash, and Ethereum from the Mt. Gox trustees. The distribution to eligible Bitstamp account holders will start on Thursday, July 25. The distribution represents a key step in the unwinding of what remains following the 2014 collapse of Mt. Gox, which led to thousands of customers being denied access to their tokens. Now, these users will have the opportunity to receive a share of restitution that consists of billions in digital assets. Bitstamp has pledged to distribute the funds responsibly, focusing on security and orderliness.
Meanwhile, Kraken appears to have distributed all the crypto assets it received from Mt. Gox to the creditors. Before the beginning of the distribution, many had expected a handful of creditors to cash out the distributed funds, thereby negatively impacting the crypto market, especially Bitcoin. However, contrary to these expectations, data shows the creditors were interested in holding rather than selling. CryptoQuant CEO Ki Young Ju particularly reported: "Mt. Gox creditors received Bitcoin 4 hours ago. There has been no significant spike in hourly spot trading volume dominance or BTC outflows on Kraken since then." Adding to this “positive” sentiment, a CryptoQuant analyst has reported that there has been a significant increase in BTC withdrawals from Kraken following the payout, which indicates that creditors are “not selling and are preparing to hold their coins, moving them from the exchange to cold wallets."
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