Key Points
- Kraken has begun distributing Bitcoin from the Mt. Gox Trustee to creditors.
- There is speculation about whether Mt. Gox creditors will sell their newly received Bitcoin.
Kraken has begun disbursing Bitcoin it received from the Mt. Gox Trustee on July 16.
Creditors of the now-defunct Bitcoin (BTC) exchange, Mt. Gox, have reported seeing crypto balances appearing on the Kraken platform.
Relief for Impacted Users
These reports provide some relief for users affected by a significant hack that took place a decade ago. The news was verified via a Reddit subreddit named “mtgoxinsolvency.”
Several users, believed to be Mt. Gox claimants, confirmed the update. Some also reported receiving Bitcoin Cash (BCH) tokens.
Kraken had previously committed to distributing funds to creditors within a span of seven to 14 days. This followed Mt. Gox moving approximately $6 billion in crypto to multiple addresses.
Concerns of Potential Sell Pressure
Mt. Gox, located in Shibuya, Tokyo, was hacked six times between 2011 and 2014, resulting in the theft of over 850,000 BTC. The incident remains one of the largest crypto hacks in history, with the stolen amount now valued at over $60 billion.
Creditors are owed at least $9 billion, leading to varied opinions about whether they will choose to sell their Bitcoin. If they do, it could potentially create sell pressure on Bitcoin. As of the time of writing, Bitcoin has seen a 2.3% decrease in value, trading at approximately $65,800 per token.
