News

Mt. Gox Creditor Floodgates Are Opening

With Kraken already beginning distributions, Bitstamp is close behind.

Jul 24, 2024 • 1 min read

Mt. Gox creditors are set to receive Bitcoin and Bitcoin Cash from Bitstamp starting tomorrow.

What's the scoop?

Received Assets: The exchange received Bitcoin, Bitcoin Cash, and Ethereum from the Mt. Gox trustees today.
Initial Transfers: Mt. Gox first transferred 2,237 BTC ($147M) and another 382 BTC ($25M) to Bitstamp.
Additional Transfers: A Mt. Gox-associated wallet transferred 32,371 BTC ($2.13B) to an unknown address. Another transfer of about $2.8B in Bitcoin was also reported.
Creditors and Amount: Approximately 20,000 former Mt. Gox users will receive over $9B of crypto in total.

Bankless Take:

For $9B of sell pressure coming online, the market is holding up well so far — Bitcoin in particular. With Kraken beginning distributions yesterday, it seems that the market gets more scared when countries sell their coins — even if the sizes proves larger. With consensus seeming to form around Bitcoin outperforming Ethereum in the short-term due to ETF dumps, any dips from these sales may be best viewed as opportunities to buy.

Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.

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