CoinDesk Report:
Cryptocurrency exchange Bitstamp has pledged to expedite the distribution of Bitcoin to Mt.Gox creditors, with the goal of completing the process before the 60-day deadline set by the exchange’s trustee.
Bitstamp revealed in a statement, “Under the agreement with Mt.Gox’s trustee, Bitstamp has 60 days to distribute the tokens, although we are certainly working to ensure these investors recover as soon as possible.”
This announcement delves into the repayment schedule for Mt.Gox creditors, a topic of great interest to investors and market commentators. Refunds are being handled through five exchanges, each with a different coin distribution timetable upon receiving the refunds from the trustee.
It is worth noting that two Japanese exchanges, Bitbank and SBI VC Trade, have already received and allocated the allocated funds, completing the process within a matter of hours instead of the allowed maximum of two weeks.
However, the exact timing for the remaining exchanges to receive and distribute the coins remains unclear. It is expected that the remaining portion of Bitcoin will soon be transferred to three other exchanges, whether sequentially or simultaneously. These exchanges will then distribute the Bitcoin to the creditors within their respective deadlines.
Cryptocurrency exchange Kraken has the longest window period, requiring 90 days to complete the distribution. Bitstamp has a 60-day timeframe, while BitGo has a final deadline of 20 days.
Bitstamp has assured its customers of swift distribution, while BitGo and Kraken have yet to disclose their payment plans. Meanwhile, market participants are closely monitoring the situation as a significant amount of Bitcoin remains undistributed.
The trustee has already sent 47,229 Bitcoin (approximately $2.7 billion) to Bitbank and SBI VC Trade, but still holds 94,771 Bitcoin (approximately $5.4 billion) for future distribution.
The uncertainty surrounding Mt.Gox repayments and the ongoing Bitcoin liquidation by the German government have impacted the Bitcoin market. According to data from CoinMarketCap, at the time of writing, the trading price of BTC is $57,000, marking an 8.71% decline over the past week.