Fri, July 26, 2024 at 14:45

• 

  Joy

  • Hey Annie!

  • Guess what?

  • Bitstamp has started the process of reimbursing Mt.

  • Gox creditors!🎉

  • 
• Annie

  • Oh, really?

  • That's interesting!

  • Can you tell me more about it?😊

  
• 

  Joy

  • Sure thing!

  • So, Bitstamp is one of the five exchanges chosen by Mt.

  • Gox's bankruptcy estate to handle the reimbursements.

  • They started the process just yesterday.

• Annie

  • Wow, that's a big responsibility.

  • What assets are they reimbursing?

  
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• 

  Joy

  • They're sending Bitcoin (BTC), Bitcoin Cash (BCH), and Ether (ETH) to the creditors.

  • Most of them should get their assets within a week after Bitstamp sets up the necessary security protocols.

• Annie

  • That sounds like a lot of work.

  • How many creditors are we talking about here?

  
• 

  Joy

  • About 127,000 creditors are eligible for claims.

  • Initially, Mt.

  • Gox had $9.6 billion to work with, but now they have $6 billion left to redistribute.

  • That's around 90,000 BTC and a good amount of BCH.

• Annie

  • Wow, that's a significant amount of money!

  • How long have these creditors been waiting?

  
• 

  Joy

  • They've been waiting for over a decade!

  • Mt.

  • Gox filed for bankruptcy due to serial hacking incidents that lasted two years.

  • So, you can imagine how relieved they must be now.

  • 
• Annie

  • I can only imagine!

  • Are there other exchanges involved in this reimbursement process?

  
• 

  Joy

  • Yes, apart from Bitstamp, the other exchanges are Kraken, Bitbank, BitGo, and SBI VC Trade.

  • Kraken already started routing funds back to creditors on July 24.

• Annie

  • That's good to know.

  • What about the creditors in the UK?

  • Will they get their funds soon?

  
• 

  Joy

  • UK creditors might have to wait a bit longer, possibly a few months.

  • Bitstamp will inform them in due time.

• Annie

  • I see.

  • Do you think these reimbursements will affect the BTC prices?

  
• 

  Joy

  • Interestingly, BTC prices didn't move much after Kraken's reimbursements.

  • Analysts expect the same with Bitstamp's reimbursements.

  • Creditors haven't dumped their repayments as predicted.

• Annie

  • That's a relief!

  • So, would you say this news is good or bad for the market?

  
• 

  Joy

  • I'd say it's good news!🎉 It shows that the system can handle large reimbursements without crashing the market.

  • Plus, creditors finally getting their funds is a huge win!

• Annie

  • That's great to hear!

  • Thanks for the detailed explanation, Joy.😊

  
• 

  Joy

  • No problem, Annie!

  • Always happy to share good news.😄

  • To sum up, this article is considered a 😍Bullish for investors!!