Key Takeaways
- Kraken will distribute Bitcoin and Bitcoin Cash to Mt. Gox creditors.
- Mt. Gox lost approximately 850,000 BTC in a 2014 security breach.
- Mt. Gox recently transferred 91,755 BTC, valued at $5.8 billion.
Kraken, a prominent exchange, announced it will begin distributing Bitcoin (BTC) and Bitcoin Cash (BCH) to Mt. Gox creditors within the next seven to 14 days.
This follows the receipt of funds from the Mt. Gox Trustees, marking a significant step in addressing the decade-long recovery and compensation process.
Mt Gox collapse
The Mt. Gox collapse in 2014 resulted in the loss of approximately 850,000 BTC, leading to prolonged bankruptcy proceedings. Creditors have faced numerous hurdles, including verifying account authenticity and finalizing agreements with exchanges. Kraken’s swift action aims to provide much-needed resolution for those affected.
Kraken confirmed in an email:
The amount you will receive has been determined by the Trustee, and we will distribute according to their instructions.
On July 5, the Mt. Gox Trustees began disbursing Bitcoin and Bitcoin Cash. Recently, Mt. Gox transferred 91,755 BTC, valued at $5.8 billion, into new addresses. This included large transactions such as 48,641 BTC to a new crypto wallet and 42,587 BTC to another.
Bitcoin’s price saw a brief peak at $65,000 before retracing to around $63,405 following these large transactions. Despite the fluctuation, Bitcoin remains up by 1.4% over the past 24 hours.
