Bitstamp has announced the initiation of a long-awaited restitution process for former Mt. Gox users, marking a significant step in cryptocurrency recovery efforts. Starting July 25, 2024, around 20,000 claimants are set to receive a cumulative $9 billion in bitcoin, bitcoin cash, and Ethereum, previously lost in the 2014 hack of the once-dominant exchange.

This move is expected to solidify trust in digital asset exchanges, illustrating robust recovery mechanisms. Bitstamp confirmed the receipt of the digital currencies from Mt. Gox trustees and plans to give claimants full control of their assets within a week post-security checks.

UK customers will need to wait a bit longer as they are excluded from the initial round of distributions, but Bitstamp assures that these clients will receive their assets in subsequent phases. This strategic distribution underscores the potential for profitability despite previous delays in the restoration of these digital assets.