Kraken receives bitcoin from Mt. Gox Trustee, payouts anticipated in 7-14 days
Quick Take
- Kraken has received bitcoin and bitcoin cash transfers from the Mt. Gox Rehabilitation Trustee.
- Earlier on Tuesday, a Mt. Gox wallet transferred around 48,641 BTC ($3.1 billion) to an unlabeled address most likely associated with Kraken, according to Arkham.
Crypto exchange Kraken has received a pair of bitcoin and bitcoin cash transfers from the Mt. Gox Rehabilitation Trustee.
“We have successfully received creditor funds (BTC and BCH) from the Mt. Gox Trustee,” Kraken appeared to write in an email to clients, according to a screenshot posted in the Mt. Gox creditors Telegram group. “While we will work to distribute funds as quickly as possible, please anticipate 7-14 days for funds to be credited to your account. The amount you will receive has been determined by the Trustee, and we will distribute according to their instructions.” Kraken later confirmed to The Block that the email was genuine.
Earlier today, a Mt. Gox wallet transferred around 48,641 BTC ($3.1 billion) to an unlabeled address, according to blockchain analytics platform Arkham. Following Kraken's notice, Arkham said the "3JQie" address was most likely associated with Kraken, and the funds currently remain unspent.
“Following repayments on July 5, 2024, on July 16, 2024, the Rehabilitation Trustee made repayments in Bitcoin and Bitcoin Cash to some of the rehabilitation creditors through some of the Designated Cryptocurrency Exchanges etc. in accordance with the Rehabilitation Plan. As a result, the Rehabilitation Trustee has now made repayments in Bitcoin and Bitcoin Cash to over 13,000 rehabilitation creditors to date,” Rehabilitation Trustee Nobuaki Kobayashi wrote in a separate notice sent on Tuesday.
“We ask eligible rehabilitation creditors to wait for a while,” Kobayashi added.
Mt. Gox payouts
Two Japanese exchanges, Bitbank and SBI VC Trade, previously received and seemingly distributed their allocated funds — doing so within hours rather than the maximum two weeks they agreed to.
Other firms selected for the creditor distributions, BitGo, Bitstamp and Kraken, had yet to receive their payments and have varying payout deadlines of up to 20 days, 60 days and 90 days, respectively.
Mt. Gox was founded in 2010 and became the largest bitcoin exchange globally until the platform suffered a security breach in 2014, resulting in the loss of 850,000 bitcoins.
In September 2023, the trustee of the now-defunct exchange announced that creditors would be reimbursed with 142,000 bitcoin ($9 billion) and 143,000 bitcoin cash ($55 million), as well as fiat currency totaling 69 billion Japanese yen ($436 million), by a new deadline of October 2024.
The Block reached out to the Mt. Gox Rehabilitation Trustee for comment.
Updated with confirmation from Kraken and additional details.
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