Bitstamp has begun repaying Mt. Gox creditors after receiving all the funds owed to them from the trustee.
The cryptocurrency exchange received all the Bitcoin (BTC), Bitcoin Cash (BCH) and Ethereum (ETH) and started repaying creditors on July 25.
The recipients can expect to have full control of their assets within a week, after the completion of the necessary security controls, according to an announcement shared with Cointelegraph.
While the Mt. Gox incident should not have occurred, Bitcoin’s price appreciation since the incident is a testament to the asset’s value, according to Jean-Baptiste Graftieaux, the global CEO of Bitstamp, who wrote:
“We’re proud to play our part in making the Mt Gox investors whole. It’s a testament to Bitcoin’s value as an asset that, although the Mt Gox investors should never have been unable to access their tokens, many will make a serious profit.”
Over $9.4 billion worth of Bitcoin is owed to approximately 127,000 Mt. Gox creditors who have been waiting for over 10 years to recover their funds — threatening significant Bitcoin sell pressure from creditors.
The announcement comes days after Mt. Gox executed the first test transactions on the Bitstamp exchange.
Related: Over 36% of Mt. Gox Bitcoin distributed to creditors, but whales keep accumulating
This is a developing story, and further information will be added as it becomes available.
