Bitstamp to distribute Mt. Gox BTC from July 25

• Bitstamp plans to distribute Mt. Gox Bitcoin and Bitcoin Cash as from Thursday, July 25.
• The exchange will have a separate distribution plan for customers in the UK.

Bitstamp announced on Wednesday that the crypto exchange had received Bitcoin (BTC) from Mt. Gox and that it would begin distribution to creditors on Thursday.

The exchange also has Bitcoin Cash from the Mt. Gox trustee, with this coming a decade since the Bitcoin exchange collapsed following a major hacking incident. After a ten-year wait, customers of the defunct crypto exchange can now have their digital assets back.

Bitstamp receives Mt. Gox BTC

Bitstamp said in an announcement that it would begin the distribution process on July 25, 2024. However, it also urged customers to be patient as the process of verification continues.

“We’re pleased to announce that we’ve received the Mt. Gox assets. We’re working diligently to distribute them to our Bitstamp customers who are Mt. Gox creditors. Please allow up to one week for security checks. We’ll inform you when the transfer is finalized,” the exchange notified users via X.

Bitstamp has also told its users in the UK that distribution for this group will be undertaken through a separate plan.

“Rest assured, we’ll keep you updated on the process and ensure you receive your assets as soon as possible,” its post on X reads.

Bitcoin price holds above $66k

Mt. Gox repayments began this month and continues to provide notable downward pressure for BTC price. A significant number of users however have not sold amid the distribution. For instance, CryptoQuant analysts pointed to the increase in BTC outflows from Kraken as the exchange distributed Mt. Gox bitcoin to its customers.

According to analysts, this scenario could bolster Bitcoin’s potential price rebound.

The flagship cryptocurrency currently hovers above $66k, with bulls showing strength since recovering from the recent dump to under $64k.