- Mt. Gox creditors have finally seen the light at the end of the tunnel.
- Crypto exchange Kraken has commented on the payout reports.
- The Mt. Gox Bitcoin portfolio is still being shuffled.
Industry-wide discussions about the ongoing Mt. Gox creditor settlement process have marked the past few weeks. Following a major hack, the crypto exchange collapsed into bankruptcy in 2014, leading to efforts to compensate its users.
After a decade of waiting, the long-standing chapter may be nearing its end, as several of the exchangeโs creditors share their good news.
Payday for Mt. Gox Creditors: Kraken Rolls Out BTC
A Reddit thread on Tuesday, July 23, 2024, revealed that many Mt. Gox creditors have finally received their long-awaited Bitcoin and Bitcoin Cash, which had been lost to the exchangeโs collapse.
Sponsored
Reddit user barkk88 initiated the thread in the โmtgoxinsolvencyโ group with a message that read, โKraken BTC arrived!โ The thread quickly filled with other comments acknowledging their payments and celebrating their arrival.
โItโs finally here.โ โIt happened.โ โJust received mine too.โ โ11 years later,โ were the popular sentiments echoed by creditors.
The CEO of Kraken also took to social media platform X to confirm the successful distribution of funds, stating, โItโs been nearly a decade since Kraken was selected by the Trustee to facilitate the investigation and return of client funds. It was our privilege and it was our duty.โ
However, the ongoing celebrations remain primarily among creditors designated to Kraken for payouts. Others tied to exchanges such as BitGo and Bitstamp continue to await their payments. This should not take long, considering the ongoing movement of funds by Mt. Gox.
Mt. Gox Continues Bitcoin Transfers
On Wednesday, July 24, 2024, Arkham Intelligence reported that the Mt. Gox-labeled wallet, actively moving funds over the past week, transferred additional Bitcoins worth approximately $2.47 billion.
Another 5106 BTC followed the transaction to addresses of the crypto exchange Bitstamp, one of the exchanges designated to handle the upcoming payouts. This follows the transfer of 5110 BTC to the exchange the day prior, suggesting increased efforts to commence the payouts designated to Bitstamp.
At press time, Mt. Goxโs wallet had a total balance of 80,128 BTC, which is worth approximately $5.32 billion at current prices.
On the Flipside
- At press time, BTC is trading at $66,252. However, the token suffered a slight slip near $65,000 following reports of the Kraken payout.
- Fears remain across the industry that the ongoing Mt.Gox settlement may come with a market dump.
- Some Reddit commenters are still awaiting Kraken’s Mt.Gox Bitcoin payout.
Why This Matters
Kraken’s payout to Mt. Gox users marks the end of a decade-long wait for resolution following the exchangeโs post-hack bankruptcy. Given the financial collapse, Mt. Goxโs ability to compensate affected users helps restore faith in the industry.
Read more about Mt. Gox Bitcoin transfers and their impact on the market:
Mt. Gox Bitcoin Hack Still Plagues Market: $6B Shift Sinks BTC
Read more about BTCโs debut on one of the worldโs grandest stages:
Bitcoin Beats Dogwifhat to Vegas Sphere Thanks to Crypto.com
