Crypto exchange Bitstamp announced it will begin reimbursing creditors of the defunct Mt. Gox exchange starting July 25. This marks a major milestone in the decade-long quest to compensate those affected by the 2014 hack that led to Mt. Gox’s collapse.
Bitstamp, along with Kraken and three other exchanges, is working with the trustee to return digital assets to creditors. Kraken completed its restitution process on July 24.
UK customers will receive their assets in the coming months, with more information to follow. Bitstamp CEO Jean-Baptiste Graftieaux noted the significant growth of Bitcoin since the hack, highlighting that many former Mt. Gox investors will now profit. He emphasized that Bitcoin’s value has soared from $600 in 2014 to roughly $66,000 per coin today.
Over $9 billion worth of Bitcoin, Bitcoin Cash, and Ethereum will be distributed. The Mt. Gox exchange, which once handled over 70% of Bitcoin transactions, collapsed in 2014 after a major security breach.
This restitution process underscores the resilience and increasing value of Bitcoin, reaffirming its role as a valuable asset. The successful reimbursement sets a precedent for handling future crypto-related incidents.
