Kraken, a prominent cryptocurrency exchange, has confirmed the receipt of Bitcoin and Bitcoin Cash transfers from the Mt. Gox Rehabilitation Trustee.
This development marks a significant step in the long-awaited process of reimbursing creditors affected by the 2014 Mt. Gox exchange collapse.
According to a screenshot posted in the Mt. Gox creditors Telegram group, Kraken informed its clients that it had successfully received the funds and that they could expect their accounts to be credited within 7 to 14 days.
Meanwhile, earlier today, blockchain analytics platform Arkham reported that a Mt. Gox wallet had transferred approximately 48,641 BTC, equivalent to $3.1 billion, to an unlabeled address likely associated with Kraken.
The funds remain “unspent,” and Kraken has assured creditors that the distribution will follow the Trustee's instructions.
The recent repayments reflect the ongoing efforts to settle with over 13,000 rehabilitation creditors, as stated by Rehabilitation Trustee Nobuaki Kobayashi.
Background and Recent Developments
Mt. Gox, once the largest Bitcoin exchange globally, was founded in 2010 but faced a massive security breach in 2014, leading to the loss of 850,000 BTC.
The incident significantly impacted the cryptocurrency market, and the subsequent legal and financial proceedings have been quite lengthy and complex so far.
In September 2023, the trustee announced plans to reimburse creditors with 142,000 BTC, 143,000 Bitcoin Cash, and fiat currency amounting to 69 billion Japanese yen by October 2024.
The recent transfers to Kraken are part of these broader reimbursement efforts.
Kraken's notice follows similar actions by Japanese exchanges Bitbank and SBI VC Trade, which had received and distributed their allocated funds within hours.
Other firms selected for the creditor distributions, including BitGo, Bitstamp, and Kraken, have varying payout deadlines ranging from 20 to 90 days.
