Bitstamp to assist in repayments to creditors of Mt.Gox exchange

Bitstamp, the UK's largest crypto exchange, has been appointed by Mt.Gox Trustee as one of the crypto exchanges to assist in repayment procedures to Mt. Gox creditors. 

Mt. Gox was one of the earliest major crypto exchanges operated out of Tokyo that operated between 2010 - 2014. At the time, Mt.Gox was the world's largest cryptocurrency exchange, however, the exchange got hacked leading to the loss of more than half-a-trillion US dollars or 750,000 bitcoin. 

In January 2015, crypto exchange Kraken discussed being appointed by the bankruptcy trustee to assist in processing claims by the 127,000 creditors of Mt. Gox. 

On 15 January 2021 Bloomberg News reported CoinLab Inc. had agreed with Nobuaki Kobayashi, the trustee to the Mt. Gox bankruptcy, and the Mt. Gox Investment Fund LP (MFP), a unit of Fortress Investment Group. As much as 90 per cent of the remaining Bitcoin tied up in bankruptcy proceedings would be offered to creditors

Bitstamp, alongside Kraken and "two Japanese exchanges" have been selected to help in the repayment process, a spokesperson at Bitstamp told AltFi.

"It is not possible to predict any number. However, due to its reputation and strong market position within Europe, Bitstamp expects to be the exchange of choice for the Europe-based creditors of Mt. Gox," the spokesperson said. 

If creditors opt to use Bitstamp for the "rehabilitation" of their assets, they can take the following steps:

1. Users are advised to set up a Bitstamp account.

2. Instructions cornering the rehabilitation can then be found on the official public announcement.

3. Finally, users must complete their registration on the trustee's platform