Bitsamp, Mt. Gox Says It Will Speed ​​Up the Process for Payments

Bitstamp, Mt. Gox has announced its commitment to distribute refunds to creditors as quickly as possible. Mt. According to their agreement with Gox trustees, Bitstamp has 60 days to distribute its tokens. But it aims to compensate investors much sooner.

This announcement comes after several Mts in Japan confirmed receiving compensation in Bitcoin (BTC) and Bitcoin Cash (BCH) via exchange accounts at Bitbank and Kraken. Gox is monitoring its creditor's reports. Bitstamp's swift action provides some clarity on the refund timeline.

Mt. Bitstamp, one of the exchanges tasked with distributing Bitcoin refunds to Gox creditors, has announced its intention to process these payments as soon as possible. Mt. Gox trustees gives Bitstamp up to 60 days to distribute the tokens once they are received, while the exchange said it was working to promptly refund investors.

This announcement comes with Mt. Gox sheds light on the timeline of refunds. The redemption process involves five exchanges, each with different time frames for distribution after receiving money from the trustee.

Two Japanese exchanges, Bitbank and SBI VC Trade, have already received and distributed their allocated funds, completing the process within hours. The status of the distributions of the remaining three exchanges, Bitstamp, Kraken and BitGo, is less clear. These exchanges have varying deadlines. Kraken has up to 90 days, Bitstamp has up to 60 days, and BitGo has up to 20 days to process payments.

The timing of when each exchange will receive Bitcoin from the trustee remains unclear. It is possible that the remaining Bitcoin will be distributed sequentially or simultaneously to these exchanges in the near future. The scale of the remaining repayments is significant. While 47,229 Bitcoins (worth about $2.7 billion) were sent to Bitbank and SBI VC Trade, the trustee still had 94,771 Bitcoins (worth about $5.4 billion) left to distribute.