Kraken crypto exchange has received 48,641 Bitcoin (BTC) from Mt. Gox, marking a significant step in the long-awaited reimbursement process for victims of the 2014 hack. Arkham Intelligence, an on-chain crypto data platform, reported this development shortly after Mt. Gox transferred substantial BTC holdings to an internal wallet.
Kraken, selected by Mt. Gox to aid in distributing recovered funds to creditors, acknowledged receipt of the 48,641 BTC, valued at approximately $3.1 billion. The exchange has committed to initiating repayments within 7 to 14 days, disbursing amounts determined by Mt. Gox’s trustees according to their directives.
Earlier reports indicated Mt. Gox moved $2.4 billion worth of BTC to an undisclosed wallet, signaling progress in fund distribution. Arkham noted an additional $2.74 billion in BTC remains under Mt. Gox’s control, underscoring ongoing efforts towards creditor recovery.
Following Mt. Gox’s transactions, Bitcoin experienced a brief drop from $65,000 to the $62,000 range, reflecting market concerns over potential sell-offs during creditor repayments. Despite initial volatility, BTC stabilized around $63,720 at the time of writing, illustrating resilience amidst significant crypto market movements.
Related Topics:
