Mt. Gox Bitcoin creditors face delays due to Bitstamp’s mandatory video call verification, causing frustration and allegations of coins being held “hostage.”
Users commend Kraken for prompt withdrawals, contrasting with Bitstamp’s criticized stringent requirements, despite Kraken facing some criticism too.
Bitstamp updated users on asset access post-security checks, but verification slots are fully booked, causing ongoing delays and user frustration.
Mt. Gox Bitcoin creditors are facing significant challenges in accessing their reclaimed assets from Bitstamp. Users expressed frustration on Mt. Gox insolvency subreddit, accusing Bitstamp of holding their coins “hostage.” The lengthy withdrawal process required a mandatory video call with customer support.
One user described their ordeal, explaining that despite having coins credited to their Bitstamp accounts, they were unable to withdraw them. All slots for the mandatory video calls were fully booked, causing delays. This situation has sparked various reactions within the community.
Community Reactions and Concerns
Some users pointed out that Bitstamp has a contractual obligation to distribute the funds within 90 days. They urged patience, noting that extra security measures are essential given the circumstances surrounding the Mt. Gox insolvency. One user noted, “They emailed us and said we’ll get the coins within a week, and they posted the amounts to our account in a day.”
However, another user criticized the verification process, arguing that other exchanges do not impose such stringent requirements. They mentioned, “Nobody else seems to require this, very strange. I can understand why they didn’t mention this before people chose the exchange as nobody would have used them at all.”
Shortly thereafter, Bitstamp announced that the assets were now accessible to creditors. The platform confirmed that following the completion of security verifications, it had granted creditors the ability to access their assets.
We are pleased to say that the credited assets that we have distributed to Mt. Gox creditors on Bitstamp are now fully accessible after completing security checks. Thank you for your patience.
— Bitstamp (@Bitstamp) July 26, 2024
Comparisons with Kraken’s Approach
Kraken received praise for its prompt and efficient disbursement process. Users reported no issues withdrawing both fiat and Bitcoin within hours of receiving their coins. One user shared, “No problems at all withdrawing both fiat and BTC, within hours of receiving the goxxcoins.”
Despite the praise, Kraken faced criticism earlier this week for failing to disburse Mt. Gox Bitcoin to some creditors and not following up with emails, leaving many without their expected repayments. Additionally, some creditors claimed they did not receive the initial cash payments.
Bitstamp has made efforts to address these concerns on social media, reassuring users that they do not need to take further action. The exchange stated that the delay is temporary and assured a speedy resolution. Despite these efforts, the decade-long wait for Mt. Gox repayments have left many creditors understandably frustrated.
As Bitstamp completes the disbursement of BTC and BCH assets, the issue of fully booked verification slots persists. Consequently, users are now awaiting a new slot booking schedule. The ongoing challenges highlight the complexities of ensuring a smooth and secure distribution process in the aftermath of the Mt. Gox insolvency.
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The post Mt. Gox Creditors Face Challenges with Bitstamp Withdrawals appeared first on Crypto News Land.
