Breaking: Kraken Receives Funds from Mt. Gox Trustee, Plans Distribution Within Weeks
In a significant development for the cryptocurrency community, Kraken has confirmed the receipt of funds from the Mt. Gox Trustee. This marks a pivotal moment in the long-awaited restitution process for creditors affected by the infamous Mt. Gox exchange hack.
Kraken has announced that it will begin distributing the funds received within 7 to 14 days.
Kraken, a major cryptocurrency exchange, has successfully received Bitcoin (BTC) and Bitcoin Cash (BCH) funds from the Mt. Gox Trustee, marking a significant milestone in the long-awaited distribution process to creditors.
According to emails sent to affected users, Kraken confirmed the commencement of the distribution process. The email stated, “We have successfully received creditor funds (BTC and BCH) from the Mt. Gox Trustee.”
The exchange futher noted that the disbursement will take 7–14 days for funds to be credited to user accounts. “The amount you will receive has been determined by the Trustee, and we will distribute according to their instructions.”
Kraken Says Sucessfully Received Funds From Mt. Gox Trustee, Will Work to Distribute Within 7 to 14 days: Email Sent to Affected Users pic.twitter.com/OnCp8a7siM
— Tree News (@News_Of_Alpha) July 16, 2024
Mt. Gox, once the world’s largest Bitcoin exchange, filed for bankruptcy in 2014 after losing 850,000 BTC (worth around $450 million at the time) in a hack.
The exchange’s collapse profoundly impacted the cryptocurrency market, leading to increased scrutiny and calls for stricter security measures within the industry.
The successful reception of funds by Kraken marks a crucial step towards resolving one of the most significant events in cryptocurrency history, providing long-awaited relief to Mt. Gox creditors and
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