U.S.-based crypto exchange Kraken confirms that it has successfully received funds in the form of Bitcoin (BTC) and Bitcoin Cash (BCH) from Mt. Gox Trustee.
The leading exchange announced this in an email to users affected by the Mt. Gox debacle. Despite noting that it aims to distribute the funds to victims quickly, Kraken said it may take between 7 and 14 days for the funds to be credited to users’ accounts.
According to the exchange, Mt. Gox Trustee determined how much BTC and BCH each user will receive.
“We will distribute the funds according to their [Mt. Gox Trustee] instructions,” Kraken remarked.
Kraken’s email, which went viral on X today, did not specify the total funds the exchange received from Mt. Gox Trustee.
Kraken Says Sucessfully Received Funds From Mt. Gox Trustee, Will Work to Distribute Within 7 to 14 days: Email Sent to Affected Users pic.twitter.com/OnCp8a7siM
— Tree News (@News_Of_Alpha) July 16, 2024
On-Chain Data Confirms Kraken Received 48,641 BTC
Data from Arkham Intelligence revealed that the Trustee sent 48,641 BTC ($3.10 billion) to a wallet associated with Kraken today at 08:42 AM (UTC).
UPDATE ON MT GOX MOVEMENTS
We believe that 3JQieEzccKjFS34oW8KZSGBDndiH1YyFrE is most likely associated with Kraken, one of the exchanges involved in repaying Mt. Gox creditors.
This address received 48,641 BTC ($3.10B) from Mt. Gox this morning, which remains unspent.
The… https://t.co/FfFQcI9Xvr pic.twitter.com/4T3tuC3CSM
— Arkham (@ArkhamIntel) July 16, 2024
The funds have remained untouched in the hours leading up to press time. It remains unknown Kraken received.
After the transaction, Mt. Gox Trustee shifted the remaining funds to two different wallets, totaling 43,114 BTC ($2.74 billion). According to Arkham Intelligence data, the first wallet, 18vjn…Dct9b, currently holds 42,587 BTC, while the other address, 1HRAp…Pv3b2, holds 526.952 BTC.
Over 13,000 Mt. Gox Creditors Receive Payments
Besides Kraken, there are multiple exchanges supporting Mt. Gox repayments. Some of these platforms include SBI VC Trade and Bitbank. Earlier this month, Bitbank received 1,544.67 BTC in its hot wallet from Mt. Gox Trustee and immediately credited users’ accounts in hours.
In a statement today, Mt. Gox Trustee confirmed that it made repayments in BTC and BCH to designated exchanges tasked with the responsibility of distributing funds to creditors. It emphasized that over 13,000 creditors have received funds so far.
The Trustee noted that repayments to the remaining creditors will be processed upon the fulfillment of certain conditions, including finalizing repayment conditions and confirmation of account validity.
Meanwhile, the recent repayment did not take a major toll on Bitcoin’s price as expected. The asset surged to a daily high of nearly $65,000 and plunged to around $62,900 shortly after the news broke out. Interestingly, Bitcoin has recovered some of its losses as it currently trades at $63,923, reflecting a 24-hour gain of 1.85%.
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