This article examines the difficulties Mt. Gox creditors face with Bitstamp withdrawals and compares it with Kraken’s approach.
Points
- Bitstamp’s mandatory video call verification causes delays for Mt. Gox creditors.
- Community reactions and comparisons with Kraken’s withdrawal process.
- Bitstamp’s update on asset access post-security checks.
- Ongoing challenges and potential solutions for Mt. Gox creditors.
Mt. Gox Creditors and Bitstamp Withdrawals
Verification Delays
Mt. Gox Bitcoin creditors face significant challenges accessing their reclaimed assets from Bitstamp. Users expressed frustration on the Mt. Gox insolvency subreddit, accusing Bitstamp of holding their coins “hostage” due to the mandatory video call verification process. Slots for these calls are fully booked, causing delays.
Community Reactions
Some users pointed out that Bitstamp has a contractual obligation to distribute the funds within 90 days. They urged patience, noting the necessity of extra security measures given the Mt. Gox insolvency circumstances. However, other users criticized the verification process, arguing that other exchanges do not impose such stringent requirements.
Bitstamp’s Update
Bitstamp announced that assets are now accessible to creditors following the completion of security verifications. The platform confirmed that after these checks, creditors could access their assets.
We are pleased to say that the credited assets that we have distributed to Mt. Gox creditors on Bitstamp are now fully accessible after completing security checks. Thank you for your patience.
https://twitter.com/Bitstamp/status/1816844789716861390
Comparisons with Kraken
Kraken received praise for its prompt and efficient disbursement process. Users reported no issues withdrawing both fiat and Bitcoin within hours of receiving their coins. Despite the praise, Kraken faced criticism earlier for failing to disburse Mt. Gox Bitcoin to some creditors and not following up with emails, leaving many without their expected repayments.
Ongoing Challenges
As Bitstamp completes the disbursement of BTC and BCH assets, the issue of fully booked verification slots persists. Consequently, users await a new slot booking schedule. These challenges highlight the complexities of ensuring a smooth and secure distribution process post-Mt. Gox insolvency.