Kraken Receives Mt.Gox Creditor Funds, to Distribute $9B Worth of BTC and BCH

After several transactions of more than 91k Bitcoins (BTC) were observed earlier today, top-tier crypto exchange Kraken informed some users

Top crypto exchange Kraken has begun distributing some users. The exchange plans to distribute the received funds to creditors determined by Mt.Gox, the trustee.

“We have successfully received the creditor funds (BTC and BCH) from the Mt. Please wait,” the email from Kraken said.

Impact of Mt.Gox Fund Distribution on Crypto Industry

The distribution of $9 billion worth of Bitcoin to Mt.Gox creditors will have a major impact on the crypto industry over the coming weeks . On the one hand, the distribution of Mt.Gox funds triggering new FUD is similar to the German government's sale of Bitcoin.

In such a case, Bitcoin price could continue the recent correction towards $50,000 and then rebound. Moreover, demand for Bitcoin by institutional investors remains steady.

On the one hand, the distribution of Mt.Gox funds could be seen as a positive move for the industry.

The return of funds could increase the number of on-chain holders as the decade-long bankruptcy case comes to an end. Additionally, creditors will be able to easily hold onto their funds for years to come and benefit from the continued mainstream adoption of Web3 and digital assets.

Also Read: Mt. Gox Moves 96,000 BTC: Arkham Intelligence Insights

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