untitled design

Bitstamp to distribute Mt.Gox payouts as quickly as possible

The cryptocurrency exchange Bitstamp will promptly distribute the bitcoins due to them from Mt.Gox among its clients, despite the 60-day deadline. This is reported by The Block.

A similar deadline is mentioned in the agreement with the trustee of the bankrupt platform.

Kraken has a maximum processing time of 90 days, while BitGo has a maximum processing time of 20 days. These organizations declined to provide the publication with their plans regarding Mt.Gox clients.

At the time of writing, coins from the latter wallet were only sent to the addresses of Japanese BitBank and SBI VC Trade.

The three remaining recipients — Bitstamp, Kraken, and BitGo — are still waiting for their turn. No specific dates have been specified for the transfers.

The remaining bitcoins are expected to be transferred to three other exchanges in the near future, either one by one or all at once. These exchanges will then release the coins to their creditors before their respective deadlines, the publication said.

The Block suggested that BitBank and SBI VC Trade distributed their allocated 47,229 BTC (~$2.7 billion) within a few hours, rather than the two weeks it was supposed to take.

The trustee has 94,771 BTC (~$5.4 billion) left to send.

Earlier, Sam Callahan of Swan Bitcoin said that the impact of Mt.Gox payments on the crypto market was exaggerated. The former owner and head of the exchange, Mark Karpeles, also does not expect mass sales of distributed coins by the platform’s clients.

Earlier, Bitfinex indicated that Bitcoin was likely to reach a local minimum, as evidenced by market data.

According to analysts, the fall was facilitated by news about compensation to Mt.Gox creditors and the movement of coins confiscated by the German government. However, the market realized that we are not talking about such a significant amount of assets, experts emphasized.

At the same time, technical analyst Peter Brandt allowed the first cryptocurrency to fall to $44,000.

Stay up to date! Subscribe to World Stock Market on Telegram.

Source: Cryptocurrency

You may also like

Get the latest

Stay Informed: Get the Latest Updates and Insights


Most popular