Key Points
- Kraken has confirmed receipt of Bitcoin from Mt. Gox’s trustee for creditor repayments.
- The defunct Bitcoin exchange Mt. Gox reportedly moved around $6 billion in Bitcoin to unidentified addresses.
Kraken, a prominent centralized crypto exchange, has acknowledged the receipt of undisclosed amounts of Bitcoin (BTC) and Bitcoin Cash (BCH) from Mt. Gox’s trustee, intended for user reimbursements.
Email notifications were sent to impacted users, revealing that Kraken intends to allocate the cryptocurrency to creditor accounts within a fortnight.
Large Transfers from Mt. Gox
This confirmation came shortly after the now-defunct BTC exchange transferred an estimated $6 billion in Bitcoin to unnamed addresses.
According to a report by Arkham Intelligence, the transfers commenced with trial transactions from a wallet linked to the insolvent platform at around 5:13 a.m. UTC. Between 6:39 a.m. UTC and 8:12 a.m. UTC, Bitcoin transfers worth approximately $2.9 billion and $3.1 billion were moved to different addresses.
Impact on Bitcoin Prices
Mt. Gox, which suffered numerous successful hacks between 2011 and 2014, declared bankruptcy in February 2014 after criminals stole more than 950,000 BTC, currently valued at over $60 billion.
Despite these substantial transfers, the defunct Bitcoin exchange still holds about $8.9 billion in BTC and is projected to settle around $9 billion of crypto creditor repayments.
Following these transactions on Tuesday, Bitcoin’s price fell to approximately $63,000, down from over $65,000 on Monday. This drop was likely due to the anticipated sell pressure over the forthcoming two weeks. However, Bitcoin demonstrated resilience and was observed inching back towards $64,000.
