Fri, July 26, 2024 at 14:45
Hey Annie!
Guess what?
Bitstamp has started the process of reimbursing Mt.
Gox creditors!๐
Oh, really?
That's interesting!
Can you tell me more about it?๐
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.
Wow, that's a big responsibility.
What assets are they reimbursing?
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.
That sounds like a lot of work.
How many creditors are we talking about here?
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.
Wow, that's a significant amount of money!
How long have these creditors been waiting?
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.
I can only imagine!
Are there other exchanges involved in this reimbursement process?
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.
That's good to know.
What about the creditors in the UK?
Will they get their funds soon?
UK creditors might have to wait a bit longer, possibly a few months.
Bitstamp will inform them in due time.
I see.
Do you think these reimbursements will affect the BTC prices?
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.
That's a relief!
So, would you say this news is good or bad for the market?
I'd say it's good news!๐ It shows that the system can handle large reimbursements without crashing the market.
Plus, creditors finally getting their funds is a huge win!
That's great to hear!
Thanks for the detailed explanation, Joy.๐
No problem, Annie!
Always happy to share good news.๐
To sum up, this article is considered a ๐Bullish for investors!!