$3.1B worth Bitcoin transfer noted as Mt. Gox Compensation Funds will be distributed by Kraken soon 🌊

Exciting News for Mt. Gox Creditors 🚀

Great news for you, as Kraken has officially received funds from the Mt. Gox Rehabilitation Trustees on July 16th. This marks a significant milestone in compensating those affected by the infamous collapse of the Mt. Gox exchange ten years ago.

Plan for Distributing Mt. Gox Funds

Here’s what you need to know about the distribution plan for the Mt. Gox funds:

Kraken’s email confirms the amount received and their commitment to follow the Trustee’s instructions for distributing Bitcoin (BTC) and Bitcoin Cash (BCH) to the affected users.
The exchange anticipates completing the distribution within the next seven to 14 days.

“We have successfully received creditor funds (BTC and BCH) from the Mt. Gox Trustee. 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.”

Additionally:

Bitbank and SBI VC Trade, two Japanese exchanges, promptly distributed their allocated funds soon after receiving them.
Arkham Intelligence identified Kraken’s involvement in repaying Mt. Gox creditors based on recent transactions.

Insights from Rehabilitation Trustee Nobuaki Kobayashi

Rehabilitation Trustee Nobuaki Kobayashi provided the following updates on Mt. Gox repayments:

Significant progress has been made in the repayment process following distributions on July 5 and July 16, 2024.
Over 13,000 creditors have already received their allocated Bitcoin and Bitcoin Cash.

Key criteria for further repayments include:

Verification of registered accounts and related information.
Acceptance of the Agency Receipt Agreement by designated crypto exchanges.
Finalization of discussions between the Trustee and exchanges regarding the repayment process.
Ensuring the safety and security of repayment executions.

Hot Take 🔥

Exciting developments are underway for Mt. Gox creditors, with Kraken’s funds receipt and distribution plans. Stay tuned for more updates as the repayment process continues!