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Finance

Bitstamp to Start Distributing Mt. Gox Proceeds on Thursday

Customers of the defunct crypto exchange lost their funds in a 2014 hack, and the imminent distribution of nearly $9 billion worth of assets to creditors has been weighing on crypto markets.

By Sheldon Reback, Krisztian Sandor
AccessTimeIconJul 24, 2024 at 3:33 p.m. UTC
Updated Jul 24, 2024 at 4:33 p.m. UTC
(CoinDesk)
(CoinDesk)
  • Bitstamp's action follows reports by creditors receiving assets on Kraken on Wednesday.
  • The prices of bitcoin and bitcoin cash declined after the news.
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    • Mt. Gox customers will start receiving payouts from the defunct crypto exchange through Bitstamp on Thursday, some 10 years after the exchange succumbed to a hack.

    The funds in bitcoin (BTC), ether (ETH) and bitcoin cash (BCH) were received from the Mt. Gox trustees today, Bitstamp said in post on its website. U.K. customers will not be included in the first set of distributions, the crypto exchange said.

    Bitstamp's action came after multiple Mt. Gox creditors reported receiving assets via Kraken. The trust managing the Mt. Gox assets started sending assets to several crypto exchanges this month, and users will be able to reclaim the funds in the coming weeks. Mt. Gox was once the world’s biggest crypto exchange, handling over 70% of all bitcoin transactions in its early years.

    The imminent distribution of nearly $9 billion worth of assets, mostly BTC and BCH, has been weighing on the crypto market. Investors were worried the creditors would sell the reclaimed assets, realizing the profits of 10 years of price appreciation, and flood the market.

    Bitcoin fell slightly to $66,200 on the news, while BCH dropped nearly 2%.

    Read more: Crypto Markets to See Selling Pressure in July From Mt. Gox Creditors: JPMorgan

    Edited by Sheldon Reback.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Sheldon Reback
    Sheldon Reback

    Sheldon Reback is a CoinDesk news editor based in London. He owns a small amount of ether.

    Follow @sheldonreback on Twitter
    Krisztian Sandor
    Krisztian Sandor

    Krisztian Sandor is a reporter on the U.S. markets team focusing on stablecoins and institutional investment. He holds BTC and ETH.

    Follow @sndr_krisztian on Twitter