Kraken Receives Mt. Gox Bitcoin, Gives Official Deadline for Mt. Gox Payment, Creditors Await Payment

Crypto exchange Kraken confirmed receipt of Mt. Gox creditors’ funds, as per an email statement reported by CryptoSlate.

Kraken stated, “We have successfully received creditor funds (BTC and BCH) from the Mt. Gox Trustee. Please expect 7-14 days for funds to be credited to your account. The amount received is determined by the Trustee, and we will distribute accordingly.”

Earlier today, Mt. Gox transferred about 92,000 BTC, valued at $5.8 billion, to four unnamed addresses, per Arkham Intelligence.

The defunct exchange moved 48,641 BTC ($3.07 billion) to address 3JQie, initially sending these funds to Mt. Gox 1Jbez before transferring all to 3JQie.

Additionally, Mt. Gox sent 42,587 BTC ($2.7 billion) to 18vjnB, 527 BTC ($33.63 million) to 1HRAp, and 0.02 BTC ($1,300) to 1JJ8oBa.

Observers, including Lookonchain, suggest these transactions prepare for the firm’s repayment efforts.

On July 5, Kraken began repaying creditors through designated crypto exchanges per its plan. Reports indicate payout timelines may vary.

Meanwhile, Mt. Gox’s wallet holds nearly 139,000 coins, valued at over $8.7 billion, despite transfers, according to Arkham.

Bitcoin Market Reaction

Mt. Gox’s recent BTC movements increased selling pressure. Bitcoin dropped from $65,000 to $63,500, per CryptoSlate data.

This drop liquidated about $13 million from traders speculating on market movement in the last four hours, Coinglass reports.

Analysts remain optimistic, noting the market absorbed Germany’s recent 50,000 Bitcoin sales without major issues.

Toby Cunningham, co-host of Crypto Tips, advised, “Dollar cost average and HODL because there will always be someone or something selling.”

The recent Bitcoin movements from Mt. Gox contributed to market selling pressure, despite overall market resilience.