Breaking: Kraken Confirms BTC, BCH Receipt From Mt. Gox, Repayments Within Weeks

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As a seasoned researcher with extensive experience in the cryptocurrency industry, I have closely followed the saga of Mt. Gox and its creditors with great interest. The recent development that Kraken has received funds from the Mt. Gox trustee is certainly a positive sign for those affected by the infamous exchange’s collapse.

On Tuesday, Kraken notified Mt. Gox creditors through email that they have successfully received the transferred funds from the trustee overseeing the troubled exchange. The distribution of Bitcoin (BTC) and Bitcoin Cash (BCH) is predicted to be concluded within a timeframe of 7 to 14 days.

Mt. Gox Creditors to Receive BTC and BCH From Kraken

Multiple Mt. Gox debtors have been notified via email from Kraken digital asset exchange, indicating that Bitcoin and Bitcoin Cash previously held by Mt. Gox trustee have been successfully received. Kraken plans to distribute these funds to creditors within a two-week timeframe, meaning accounts will be credited with the transferred amount by the end of July.

According to CoinGape’s report, over $6 billion worth of Bitcoin was moved from a wallet linked to Mt. Gox in two transactions to unknown wallets. This massive transfer resulted in a significant decline in Bitcoin’s price and triggered crypto liquidations amounting to approximately $210 million. As revealed by the on-chain data platform Arkham, the first transfer consisted of 48,641 BTC, equivalent to around $3.07 billion, which was sent from Mt. Gox’s cold wallet to a new address starting with “3JQie…” followed by “YyFrE”.

Over the last few hours, Mt. Gox has transferred a total of 95,869.97 Bitcoins, equivalent to approximately $6.06 billion, to two different wallets.

Breaking: Kraken Confirms BTC, BCH Receipt From Mt. Gox, Repayments Within Weeks

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2024-07-16 14:57