Hassan Maishera
TL;DR
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Kraken acknowledges the receipt of bitcoins and bitcoin cash (BCH) from the Mt. Gox Rehabilitation Trustee.
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The crypto exchange will distribute the funds over the next few days.
Kraken to Payout Mt.Gox Bitcoins Within Two Weeks
Cryptocurrency exchange Kraken announced on Tuesday that it has received a pair of bitcoin and bitcoin cash transfers from the Mt. Gox Rehabilitation Trustee. This latest development comes as victims of the now-defunct crypto exchange begin receiving their assets.
Kraken stated that,
“We have successfully received creditor funds (BTC and BCH -1.27%) from the Mt. Gox Trustee. While we will work to distribute funds as quickly as possible, please anticipate 7-14 days for funds to be credited to your account. The amount you will receive has been determined by the Trustee, and we will distribute it according to their instructions.”
The cryptocurrency exchange revealed this in an email to clients, according to a screenshot posted in the Mt. Gox creditors Telegram group.
This latest development comes a few hours after Mt. Gox wallets transferred around 48,641 BTC ($3.1 billion) to an unlabeled address, according to blockchain analytics platform Arkham.
According to Arkham, the "3JQie" address was most likely associated with Kraken and the funds currently remain unspent.
In a separate statement issued today, Rehabilitation Trustee Nobuaki Kobayashi said,
“Following repayments on July 5, 2024, on July 16, 2024, the Rehabilitation Trustee made repayments in Bitcoin and Bitcoin Cash to some of the rehabilitation creditors through some of the Designated Cryptocurrency Exchanges etc. in accordance with the Rehabilitation Plan. As a result, the Rehabilitation Trustee has now made repayments in Bitcoin and Bitcoin Cash to over 13,000 rehabilitation creditors to date. We ask eligible rehabilitation creditors to wait for a while.”
Kraken has become the latest cryptocurrency exchange to receive BTC and BCH from the Mt.Gox Trustee after two Japanese exchanges, Bitbank, and SBI VC Trade, previously received and seemingly distributed their allocated funds
In addition to Kraken, BitGo and Bitstamp were also selected for the creditor distributions but the two trading platforms are yet to receive their payments.
Prior to its collapse in 2014, Mt.Gox was the largest cryptocurrency exchange in the world. A security breach in 2014 saw the exchange lose 850,000 bitcoins, resulting in the company filing for bankruptcy and ultimately shutting down.
Bitcoin continues to trade above $63k per coin despite the Kraken news. It is up by 1.4% in the last 24 hours and currently trades at $63,704 per coin.
