Kraken Confirms Receiving Bitcoin Allocated for Mt. Gox Creditor Repayments

Emails sent to affected users and seen by crypto.news on Tuesday noted that Kraken plans to distribute crypto to creditor accounts within 14 days.

Bankrupt crypto exchange Mt. Gox has begun transferring Bitcoin allocated for creditor repayments, with centralized exchange Kraken confirming the receipt of BTC and BCH.

Emails obtained by crypto.news on Tuesday evening show that Kraken will be distributing the crypto to creditor accounts within 14 days.

The confirmation comes hours after the exchange transferred an estimated $6 billion in Bitcoin to unlabelled addresses.

According to Arkham Intelligence, the movements began with test transactions from a wallet linked to the bankrupt platform at around 5:13 a.m. UTC. Between 6:39 a.m. UTC and 8:12 a.m. UTC, 47,229 BTC (around $2.9 billion) and 48,641 Bitcoin (valued at $3.1 billion) were transferred to separate addresses.

Mt. Gox wallets moved a total of 91,755 BTC ($5.8B) this morning to new addresses. pic.twitter.com/BEAmk6E70b

Several successful hacks targeted Mt. Gox between 2011 and 2014, ultimately leading to the platform declaring bankruptcy in February 2014. Criminals stole more than 950,000 BTC, which is currently valued at over $60 billion.

Despite the large transfers, the defunct Bitcoin exchange still holds some $8.9 billion in BTC and is set to pay out around $9 billion in crypto creditor repayments.

Following Tuesday’s transactions, Bitcoin’s price declined to around $63,000 after trading above $65,000 on Monday. The drop was likely due to anticipated sell pressure over the next two weeks. At press time, Bitcoin was showing strength and seen edging back toward $64,000.

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