Crypto exchange Bitstamp has started the reimbursement of digital assets to creditors of the defunct Mt. Gox exchange, beginning July 25. This marks a notable milestone in the decade-long effort to compensate those affected by the 2014 hack that led to Mt. Gox’s collapse.
Bitstamp is among five exchanges, including Kraken, working with the trustee to return assets. Kraken completed its restitution process on July 24. While UK customers will not receive the first tranche of distributions, they can expect their assets in the coming months.
Bitstamp CEO Jean-Baptiste Graftieaux expressed pride in the exchange’s role, highlighting Bitcoin’s growth since the hack. Bitcoin was $600 per coin during the hack and is now valued at roughly $66,000 per coin. Over $9 billion worth of Bitcoin, Bitcoin Cash, and Ethereum will be distributed.
The Mt. Gox collapse left about 20,000 users in limbo, but now many stand to see substantial returns. The exchange, which operated from 2010 to 2014, once handled over 70% of Bitcoin transactions. It suspended withdrawals in February 2014 due to suspicious activity and declared bankruptcy shortly after.
This restitution process not only compensates former users but also underscores the resilience and long-term value of Bitcoin as an asset.
