Bitcoin Distribution from Mt. Gox Trustee
Kraken has initiated the distribution of Bitcoin received from the Mt. Gox Trustee on July 16, bringing relief to creditors of the defunct Bitcoin exchange. Users reported seeing their crypto balances on the Kraken platform, marking a significant milestone a decade after the historic hack. The confirmation of this news was shared on Reddit through the “mtgoxinsolvency” subreddit, with Mt. Gox claimants verifying the update and even receiving Bitcoin Cash (BCH) tokens.
Kraken’s Commitment to Mt. Gox Creditors
Kraken had committed to disbursing funds to Mt. Gox creditors within a timeframe of seven to 14 days after the exchange transferred around $6 billion in crypto to various addresses. Additionally, users observed attempted attacks on accounts, indicating malicious actors trying to steal the distributed assets. Arkham’s report on July 23 highlighted Mt. Gox’s transfer of significant sums to Bitstamp wallets, raising questions about the distribution timeline for Bitstamp.
Potential Impact on Bitcoin Market
Reflecting on Mt. Gox’s turbulent history of multiple hacks from 2011 to 2014, where over 850,000 BTC was stolen, there remains uncertainty about whether creditors will choose to sell their Bitcoin holdings. The accumulated debt to creditors amounts to approximately $9 billion, leading to speculation on potential sell-offs that could impact Bitcoin’s market dynamics. As market conditions fluctuate, the current trading price of Bitcoin stands at around $65,800 per token, with the possibility of sell pressure if creditors decide to liquidate their assets.
