Bitstamp, one of five cryptocurrency exchanges selected to facilitate the distribution of billions of dollars in Bitcoin owed to creditors of bankrupt Mt. Gox, announced Monday that the funds will be released to investors as quickly as possible after receipt.

The brokerage, recently acquired by Robinhood, expressed its commitment to meeting the established 60-day deadline for the distribution of tokens, as agreed with the curators of Mt. Gox.

“We are, of course, working to ensure that these investors are compensated as quickly as possible,” Bitstamp said in a shared statement. The comment offers a clearer perspective on the previously opaque process, which is closely followed by many in the crypto industry.

The administrators of Mt. Gox, once the world’s largest cryptocurrency exchange, plan to distribute about 142,000 recovered BTC to creditors who were harmed by the platform’s 2014 hack and subsequent bankruptcy. The concern among cryptocurrency holders is that the sudden sale of such a significant amount of Bitcoin could negatively impact its price. Recently, as it prepared to transfer its BTC holdings — moving $2.7 billion worth of tokens from one cold storage wallet to another unidentified one — Bitcoin’s value fell by nearly 10%.

Adding further pressure to the market, the recent dump of seized Bitcoins by the German government has contributed to a 19% drop in the value of the leading cryptocurrency over the past month. The total value of Bitcoin that will be distributed is approximately $8 billion, while the German government still holds around $1.5 billion worth of tokens.

Amid these challenges, Bitstamp highlights the complex and conflicting priorities involved in distributing so much cryptocurrency to creditors, who, while wanting to keep the price of Bitcoin stable, are eager to regain control over the funds they are owed as quickly as possible.

Disclaimer:

The views and opinions expressed by the author, or any person mentioned in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.

Source: https://portalcripto.com.br/bitstamp-confirma-inicio-da-distribuicao-de-bitcoin-da-mt-gox/



Leave a Reply