Kraken has started distributing Bitcoin received from the Mt. Gox Trustee on July 16.
Creditors of the defunct Bitcoin (BTC) exchange Mt. Gox reported seeing crypto balances on the Kraken platform. Impacted users saw relief 10 years after a historical hack. The news was confirmed on Reddit via a subreddit called “mtgoxinsolvency.”
Several users believed to be Mt. Gox claimants were seen verifying the update. Some also reported receiving Bitcoin Cash (BCH) tokens.
On July 23, intelligence firm Arkham also noted that the bankrupt BTC exchange sent $2.85 billion to four Bitstamp wallets. On-chain data showed transfers of 1598 BTC ($106.3 million), 382.4 BTC ($25.4 million), 2239 BTC ($149.1 million), and 890.9 BTC ($59.3 million). It is unknown whether Bitstamp will stick to the same two-week distribution window as Kraken.
Will Mt. Gox creditors sell their Bitcoin?
Based in Shibuya, Tokyo, Mt. Gox was hacked six times between 2011 and 2014, with hackers stealing over 850,000 BTC. The incident is still one of the largest crypto hacks in history, with the haul currently valued at more than $60 billion.
At least $9 billion is owed to creditors, and market observers hold different opinions on whether creditors will sell. If users decide to offload BTC tokens, the cryptocurrency may experience sell pressure. As of this writing, BTC traded down 2.3% at about $65,800 per token.
