Mt. Gox creditors on Bitstamp can now access their assets.
The creditors initially encountered difficulties in accessing their funds.
Bitstamp will organize a separate distribution plan for customers in the UK
Mt. Gox creditors who held assets on the Bitstamp exchange can now access their long-awaited payouts after completing security checks, the company announced on X.
This marks a significant step in the resolution process for victims of the 2014 Mt. Gox hack, one of the largest and most infamous incidents in cryptocurrency history.
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
It is to be noted that Mt. Gox creditors on Bitstamp initially faced difficulties while attempting to withdraw their distributed assets on the platform. Several creditors registered complaints on Reddit under the “mtgoxinsolvency” subreddit. One user registering a complaint said:
“So we have our coins and cannot withdraw until we call customer support. We call them, and they tell us to set up a video call… ALL of the dates are full.”
Following the announcement, Bitstamp expects the withdrawal difficulties encountered by the creditors to diminish. However, the crypto exchange noted that it will develop a separate distribution plan for customers in the UK, assuring users it will update them when it receives more information from the Mt. Gox trustee.
Notably, the current distribution exercise follows Bitstamp’s announcement on July 24 after receiving funds from Mt. Gox meant for distribution to fully verified creditors on its platform. Bitstamp’s recent announcement confirms the completion of the verification process within 48 hours, despite initially stating it would take up to one week to complete the exercise.
Bitstamp users’ frustration grew as they compared their experiences with those of Mt. Gox creditors on Kraken, who reported a much smoother withdrawal process. One Kraken user remarked, “Glad Kraken was EZ peasy, balance updated. 15 minutes later, cold wallet has all the coins.”
The drawn-out disbursement process highlights the challenges from the 2014 Mt. Gox bankruptcy. But Bitstamp users can at least heave a sigh of relief in knowing their funds can in fact be recouped. The entire episode serves as a stark reminder of the importance of security and responsible asset management within the evolving cryptocurrency landscape.
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