Kraken crypto exchange has received 48,641 Bitcoin (BTC) from the defunct Mt. Gox exchange, valued at about $3.1 billion.
This transfer follows a recent internal movement of substantial Bitcoin by Mt. Gox. Kraken, tasked with distributing BTC to Mt. Gox creditors affected by the 2014 hack, plans to start repayments within 7 to 14 days based on trustees’ instructions.
Earlier, Mt. Gox moved $2.4 billion worth of BTC to an undisclosed wallet, signaling the start of the reimbursement process. Despite transferring another $2.74 billion worth of BTC today, Mt. Gox still holds these funds.
The receipt of funds by Kraken provides some relief to long-awaiting creditors. Bitcoin’s price dropped from $65,000 to $62,000 due to investor concerns over a potential sell-off but rebounded to $63,720.
Mt. Gox plans to start distributing Bitcoin (BTC) and Bitcoin Cash (BCH) to affected users within the next seven to 14 days, marking a significant step towards compensating those impacted by the exchange’s collapse a decade ago.
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