Starting today, Bitstamp will distribute assets to creditors of Mt. Gox, causing Bitcoin to drop to

Cryptocurrency exchange Bitstamp announced on Wednesday (24th) that it has received Bitcoin (BTC), Bitcoin Cash (BCH), and Ethereum (ETH) from the restructuring trustee of Mt. Gox, and will begin distributing funds to Mt. Gox creditors who choose to receive assets through their Bitstamp account starting from July 25th.

According to the announcement from Bitstamp, due to security checks prior to distribution, creditors of Mt. Gox will have to wait for up to a week before receiving payment. Bitstamp wrote:

Those affected by the 2014 hacking attack have been waiting for ten years to receive compensation, but now, with the lengthy bankruptcy proceedings coming to an end, many will realize substantial profits: Bitcoin was worth around $600 when Mt. Gox collapsed

According to information shared by on chain data analyst Yu Jin, the wallet address marked as being held by Mt. Gox once again transferred a large amount of Bitcoin to the Bitstamp address yesterday. According to statistics, the number of Bitcoin to be distributed by Bitstamp is about 10216, worth about 676 million US dollars.

Bitstamp is one of the five exchanges participating in the restructuring plan of Mt. Gox, along with other participating platforms such as Kraken, BitGo, SBI VC Trade, and Bitbank. Kraken Exchange also confirmed yesterday that it has received assets from Mt. Gox and returned them to creditors. Last year, the trustee of Mt. Gox's restructuring set the deadline for repaying creditors at October 31, 2024.

At the same time as Bitstamp released its announcement, Bitcoin also began to experience a downward trend, with a drop of about 3.8% in the past 12 hours. The trading price of Bitcoin before the deadline is approximately $64000.

The Bitstamp announcement states that Mt. Gox is a Tokyo based cryptocurrency exchange that operated from 2010 to 2014. As the only exchange with a longer history than Bitstamp, it was initially responsible for over 70% of Bitcoin trading during peak periods. In February 2014, Mt. Gox suspended withdrawals after claiming to have discovered suspicious activity in its digital wallet, and shortly thereafter, the exchange declared bankruptcy.