Kraken Receives Mt. Gox Bitcoin Transfers for Creditor Payouts
Kraken, a prominent crypto exchange, has received Bitcoin and Bitcoin Cash transfers from the Mt. Gox Rehabilitation Trustee.
In an email to clients, Kraken confirmed the receipt of these funds and stated that they are working to distribute them within 7-14 days, based on the Trustee’s instructions. This was verified by The Block after a screenshot of the email was shared in the Mt. Gox creditors’ Telegram group.
Earlier, around 48,641 BTC, valued at approximately $3.1 billion, was moved from Mt. Gox wallets to an unidentified address, which blockchain analytics platform Arkham later linked to Kraken. The funds remain unspent for now.
Rehabilitation Trustee Nobuaki Kobayashi announced further repayments in Bitcoin and Bitcoin Cash to over 13,000 creditors through designated exchanges, urging creditors to remain patient.
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Bitbank and SBI VC Trade, two Japanese exchanges, have already distributed their received funds swiftly, while BitGo, Bitstamp, and Kraken have different deadlines, ranging from 20 to 90 days, to complete their payouts.
Mt. Gox, which was the largest Bitcoin exchange until a 2014 security breach led to the loss of 850,000 BTC, is in the process of repaying creditors. As of September 2023, the trustee confirmed that creditors would receive 142,000 BTC, 143,000 BCH, and fiat currency totaling 69 billion yen by October 2024.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
