tl;dr
Mt. Gox creditors are set to receive the final batch of funds through Bitstamp, including Bitcoin, Bitcoin Cash, and Ethereum. Bitstamp, a well-established digital currency exchange, announced the distribution and emphasized a responsible and secure process. Meanwhile, Kraken has already completed i...
Mt. Gox creditors are set to receive the final batch of funds through Bitstamp, including Bitcoin, Bitcoin Cash, and Ethereum. Bitstamp, a renowned digital currency exchange, announced the distribution and emphasized a responsible and secure process.
Meanwhile, Kraken has completed its distribution of crypto assets from Mt. Gox to creditors. Contrary to expectations, creditors are holding onto the distributed funds, with no significant impact on the crypto market. There has also been an increase in Bitcoin withdrawals from Kraken, indicating a trend of holding onto the coins rather than selling.
Bitstamp, a platform 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. 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.
This 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. Bitstamp has pledged to distribute the funds responsibly, focusing on security and orderliness.
Meanwhile, Kraken has 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.
There has been a significant increase in BTC withdrawals from Kraken following the payout, indicating that creditors are not selling and are preparing to hold their coins, moving them from the exchange to cold wallets.
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