Mt. Gox Affected Users to Receive Bitcoin (BTC) and Bitcoin Cash (BCH) Distribution from Kraken Exchange
- WBOYOriginal
- 2024-07-18 09:18:51835browse
Kraken, a prominent crypto exchange, has announced that it has received funds from the Mt. Gox Trustees. Within the next seven to 14 days, it will start distributing Bitcoin (BTC) and Bitcoin Cash (BCH) to users affected by the Mt. Gox collapse.
Kraken, a major crypto exchange, has disclosed receiving funds from the Mt. Gox Trustees. The exchange will begin distributing Bitcoin (BTC) and Bitcoin Cash (BCH) to users affected by the Mt. Gox collapse within the next seven to 14 days.
This distribution serves as a critical resolution point for those impacted by the Mt. Gox debacle, potentially concluding a decade-long ordeal of recovery and compensation.
Bitcoin Retraces From $65,000
The exchange aims to swiftly distribute these funds, ensuring that affected users promptly receive their allocated amounts.
“The amount you will receive has been determined by the Trustee, and we will distribute according to their instructions,” Kraken stated in an email to affected parties.
Read more: Top Crypto Bankruptcies: What You Need To Know
This initiative marks a significant milestone in resolving the financial disputes that have lingered since the notorious Mt. Gox incident. In 2014, Mt. Gox, once a leading Bitcoin exchange, filed for bankruptcy following a security breach that led to a loss of approximately 850,000 BTC.
The aftermath has involved complex bankruptcy proceedings, where creditors are required to meet several conditions before they can receive repayment. These conditions include verifying account authenticity and finalizing agreements with crypto exchanges.
The Mt. Gox Trustees started disbursing Bitcoin and Bitcoin Cash on July 5. Moreover, in today's market activity, Mt. Gox transferred 91,755 BTC, valued at $5.8 billion, into new addresses. This movement includes large transactions such as 48,641 BTC to a new crypto wallet – 3JQie and 42,587 BTC to wallet 18vjn.
Read more: Bitcoin (BTC) Price Prediction 2024/2025/2030
This development has impacted Bitcoin’s price. Earlier today, Bitcoin briefly hit $65,000 before retracing to around $63,405 at the time of writing. Despite the retracement, BTC is still up by 1.4% in the past 24 hours.
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