4
0
Subscribe to Bankless or sign in
Mt. Gox creditors are set to receive 
Bitcoin and Bitcoin Cash from 
Bitstamp starting tomorrow.
What's the scoop?
- Received Assets: The exchange received Bitcoin, Bitcoin Cash, and
Ethereum from the Mt. Gox trustees today. - Initial Transfers: Mt. Gox first transferred 2,237 BTC ($147M) and another 382 BTC ($25M) to Bitstamp.
- Additional Transfers: A Mt. Gox-associated wallet transferred 32,371 BTC ($2.13B) to an unknown address. Another transfer of about $2.8B in Bitcoin was also reported.
- Creditors and Amount: Approximately 20,000 former Mt. Gox users will receive over $9B of crypto in total.
Bankless Take:
For $9B of sell pressure coming online, the market is holding up well so far — Bitcoin in particular. With 
Kraken beginning distributions yesterday, it seems that the market gets more scared when countries sell their coins — even if the sizes proves larger. With consensus seeming to form around Bitcoin outperforming Ethereum in the short-term due to ETF dumps, any dips from these sales may be best viewed as opportunities to buy.
4
0
