Kraken has confirmed receiving Bitcoin (BTC) and Bitcoin Cash (BCH) for Mt. Gox creditor repayments. Emails to users noted that Kraken will distribute the crypto within 14 days.
This announcement came shortly after Mt. Gox transferred an estimated $6 billion in Bitcoin to unlabelled addresses. Arkham Intelligence reported that these transfers included 47,229 BTC worth about $2.9 billion and 48,641 BTC valued at $3.1 billion.
Mt. Gox, which declared bankruptcy in 2014 after losing over 950,000 BTC to hacks, still holds $8.9 billion in BTC. The platform aims to settle around $9 billion in creditor repayments.
The strategic importance lies in Kraken’s role in distributing these funds, potentially impacting Bitcoin’s market dynamics and restoring some faith in centralized exchanges.
