- Bitstamp aims to distribute Mt. Gox compensation swiftly within its 60-day window.
- Japanese exchanges Bitbank and SBI VC Trade completed their distributions quickly.
- Uncertainty remains for other exchanges; 94,771 BTC still awaits distribution.
Crypto exchange Bitstamp has committed to expediting the distribution of Bitcoin to Mt. Gox creditors, aiming to complete the process well before the 60-day deadline allotted by the defunct exchange’s trustee.
“According to the agreement with Mt. Gox trustees, Bitstamp has 60 days to distribute the tokens, though we are of course working to make sure those investors are made whole as soon as possible,” Bitstamp revealed in a statement.
This announcement provides insight into the Mt. Gox creditor repayment timeline, a topic of significant interest to investors and market commentators. The refunds are being processed through five exchanges, each with varying timelines for coin distribution following their receipt from the trustee.
Notably, two Japanese exchanges, Bitbank and SBI VC Trade, have already received and distributed their allocated funds, completing the process within hours rather than the maximum two weeks allowed.
However, the exact timing for when the remaining exchanges will receive and distribute the coins remains unclear. It is expected that the rest of the Bitcoin will be transferred to the other three exchanges soon, either sequentially or simultaneously. These exchanges will then distribute the Bitcoin to their creditors within their respective deadlines.
Crypto exchange Kraken has the longest window among the exchanges, with 90 days to complete distribution. Bitstamp has a 60-day timeframe, while BitGo has a 20-day deadline.
Bitstamp has assured customers of swift distribution, while BitGo and Kraken have yet to disclose their disbursement plans. Meanwhile, market participants are closely observing developments as a substantial amount of Bitcoin has yet to be distributed.
The trustee has already sent 47,229 BTC (approximately $2.7 billion) to Bitbank and SBI VC Trade but still holds 94,771 BTC (around $5.4 billion) for future distribution.
The uncertainty surrounding the Mt. Gox repayments and the German government’s ongoing liquidation of Bitcoin holdings has influenced the Bitcoin market. BTC trades at $57,000 at press time, having fallen 8.71% over the past week, according to CoinMarketCap data.
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