Bitstamp Vows Swift Distribution of Mt.Gox Payouts

Cryptocurrency exchange Bitstamp has pledged to swiftly distribute the bitcoins owed to its clients from Mt.Gox, despite a 60-day deadline. This was reported by The Block.

This deadline is mentioned in the agreement with the trustee of the bankrupt platform.

Kraken has a maximum processing time of 90 days for payouts, while BitGo’s is up to 20 days. These organizations declined to provide their plans regarding Mt.Gox clients to the publication.

At the time of writing, coins have only been sent from the wallet to the addresses of Japanese BitBank and SBI VC Trade.

The three remaining recipients—Bitstamp, Kraken, and BitGo—are still awaiting their turn. Specific transfer dates have not been disclosed.

It is assumed that the remaining bitcoins will be transferred to the three other exchanges soon—either one after the other or all at once. These platforms will then provide the coins to their creditors before the respective deadlines, the publication noted.

The Block speculated that BitBank and SBI VC Trade distributed the allocated 47,229 BTC (~$2.7 billion) within a few hours, rather than the two weeks initially planned.

The trustee still has 94,771 BTC (~$5.4 billion) left to send.

Previously, Sam Callahan of Swan Bitcoin stated that the impact of Mt.Gox payouts on the crypto market is exaggerated. Former owner and head of the exchange Mark Karpeles also does not expect mass sales of the distributed coins by the platform’s clients.

Bitfinex recently indicated a potential local minimum for bitcoin, as suggested by market data.

According to analysts, the drop was influenced by news of compensation to Mt.Gox creditors and the movement of coins confiscated by the German government. However, experts emphasized that the market realized the volume of assets involved is not as significant as initially thought.

Meanwhile, technical analyst Peter Brandt suggested that the price of the leading cryptocurrency could fall to $44,000.