Bitstamp has started distributing the proceeds from Mt. Gox to customers, marking a significant step in the long process of recovering assets from the defunct crypto exchange. This comes after reports of creditors receiving assets on Kraken, another crypto exchange, on Wednesday. The funds, which include bitcoin (BTC), ether (ETH), and bitcoin cash (BCH), were received from the Mt. Gox trustees and will be distributed to customers through Bitstamp.
However, it’s important to note that U.K. customers will not be included in the first round of distributions, according to Bitstamp. The trust managing the Mt. Gox assets has been sending assets to various crypto exchanges this month, allowing users to reclaim their funds in the near future. Mt. Gox was once a dominant player in the crypto exchange market, handling a significant portion of all bitcoin transactions in its early years.
The distribution of nearly $9 billion worth of assets, primarily in BTC and BCH, has had an impact on the crypto market. Investors have been concerned that creditors might sell off their assets, potentially flooding the market and affecting prices. As a result, the prices of bitcoin and bitcoin cash experienced declines following the news, with bitcoin dropping to $66,200 and BCH falling by nearly 2%.
In addition to the Mt. Gox developments, other news in the crypto industry includes DCG reaching an in-principle deal with Genesis creditors, Prime Trust filing for bankruptcy, and Celsius being allowed to start converting altcoins to bitcoin and ether as of July 1. There are also reports that FTX’s bankruptcy fees are expected to be costly, according to a court examiner.
It’s important to stay informed about these developments in the crypto space, as they can have significant implications for investors and market participants. With the ongoing distribution of Mt. Gox proceeds and other related news, the crypto market continues to be dynamic and ever-changing.
As always, it’s crucial to conduct thorough research and stay updated on the latest developments in the industry to make informed decisions. The crypto market remains volatile and subject to various factors, so staying informed is key to navigating this evolving landscape.