Kraken Receives Bitcoin and Bitcoin Cash Transfers from Mt Gox Rehabilitation Trustee

Kraken Receives Bitcoin and Bitcoin Cash Transfers from Mt Gox Rehabilitation Trustee

According to a Telegram group for creditors, crypto exchange Kraken has received Bitcoin (BTC) and Bitcoin Cash (BCH) transfers from the Mt. Gox Rehabilitation Trustee.

Group member “Gio” reported, “The Mt. Gox Trustee has initiated transfers to the Kraken exchange. The exact amount remains undisclosed, but Kraken has confirmed via email the receipt of creditors’ funds from the Mt. Gox trustee.”

A screenshot of Kraken’s email, posted on Telegram, stated, “We have successfully received creditor funds (BTC and BCH) from the Mt. Gox Trustee. While we strive to distribute funds promptly, please allow 7-14 days for the funds to be credited to your account. The amount you will receive is determined by the Trustee, and we will distribute according to their instructions.” This email was later verified by The Block through a reliable source.

Earlier today, blockchain analytics platform Arkham reported that Mt. Gox wallets transferred approximately 48,641 BTC (valued at $3.1 billion) to an unidentified address.

In a separate notice issued on Tuesday, Rehabilitation Trustee Nobuaki Kobayashi stated, “On July 16, 2024, the Rehabilitation Trustee made repayments in Bitcoin and Bitcoin Cash to some of the rehabilitation creditors via designated cryptocurrency exchanges, as outlined in the Rehabilitation Plan. To date, over 13,000 rehabilitation creditors have received repayments in Bitcoin and Bitcoin Cash.”

Kobayashi also urged eligible rehabilitation creditors to remain patient.

Mt. Gox Payouts

Previously, Japanese exchanges Bitbank and SBI VC Trade received and distributed their allocated funds within hours, well ahead of the agreed maximum two-week timeframe.

Other firms selected for creditor distributions (BitGo, Bitstamp, and Kraken) have yet to receive their payments and have varying deadlines of up to 20 days, 60 days, and 90 days, respectively.

Founded in 2010, Mt. Gox once stood as the largest bitcoin exchange globally until a security breach in 2014 resulted in the loss of 850,000 bitcoins.

In September 2023, the trustee of the now-defunct exchange announced that creditors would be reimbursed with 142,000 BTC (worth $9 billion) and 143,000 BCH (worth $55 million), along with fiat currency totaling 69 billion Japanese yen ($436 million), with a new deadline set for October 2024.