- The cryptocurrency exchange intends to reimburse investors much sooner than the 60 days stipulated by their agreement.
- The commencement of Mount Gox reimbursements has stirred the crypto market.
Bitstamp pledges to pay off debtors who are owed payments by Mount Gox as quickly as possible. The crypto exchange plans to reimburse investors much sooner than the 60 days allowed by their agreement with the Mount Gox trustee for token distribution.
Several Japanese creditors of Mount Gox have reported receiving compensation in Bitcoin (BTC) and Bitcoin Cash (BCH) through Bitbank and Kraken exchange accounts, prompting this declaration. The repayment period is now more clearly defined due to Bitstamp's prompt response.
Prioritizing customer service
Bitstamp has announced its goal to process bitcoin repayments to Mount Gox creditors as expeditiously as possible. It is one of the exchanges entrusted with this responsibility. According to the agreement with Mount Gox trustees, Bitstamp has 60 days to disburse the tokens upon receipt. However, the exchange is committed to refund investors at the earliest opportunity.
There has been significant interest in the Mount Gox repayment schedule in the crypto market, and this news helps clarify the situation. Following the receipt of funds from the trustee, five exchanges are involved in the repayment process. Each has its specific distribution timeline.
The allocation and distribution of funds were completed within hours by two Japanese exchanges, Bitbank and SBI VC Trade. The progress of distributions in the remaining three exchanges: Bitstamp, Kraken, and BitGo, is unclear. These exchanges have varying deadlines for processing payments. Bitstamp up to 60 days, Kraken up to 90 days, and BitGo up to 20 days.
Alongside other notable developments, the initiation of Mount Gox reimbursements has stirred the crypto market. Concerns about future drops led to Bitcoin's price falling below $54,000; however, it has since recovered and is currently trading at $55,600.
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