Mt. Gox Creditors Receive Long-Awaited Bitcoin Payouts，Bitcoin price has fallen in recent days

Over the past few weeks, the crypto industry has focused on the Mt. Gox creditor settlement. This follows a significant hack that led to the exchange’s bankruptcy in 2014, prompting efforts to compensate users.

Creditors Share Good News

After a decade-long wait, creditors of Mt. Gox are beginning to see results. Several have reported receiving their Bitcoin and Bitcoin Cash, marking a hopeful end to their prolonged ordeal.

Kraken Distributes BTC

A Reddit post on 23 July 2024 revealed that many Mt. Gox creditors have received their compensation. User barkk88 initiated the discussion in the ‘mtgoxinsolvency’ group, announcing, “Kraken BTC arrived!” The thread quickly filled with comments from other creditors celebrating their payments.

“It’s finally here.” “It happened.” “Just received mine too.” “11 years later,” echoed the sentiments of relieved creditors.

Kraken CEO Confirms Distribution

The CEO of Kraken confirmed on social media that funds have been successfully distributed. He stated, “It’s been nearly a decade since Kraken was selected by the Trustee to facilitate the investigation and return of client funds. It was our privilege and it was our duty.”

Awaiting Further Payments

While many creditors linked to Kraken have received their payouts, others associated with exchanges like BitGo and Bitstamp are still waiting. These payments are expected soon, given the ongoing fund transfers by Mt. Gox.

Continued Bitcoin Transfers

On 24 July 2024, Arkham Intelligence reported additional Bitcoin transfers from the Mt. Gox wallet, valued at approximately $2.47 billion. This was followed by another transfer of 5106 BTC to Bitstamp, suggesting ongoing efforts to commence payouts.

Mt. Gox’s wallet holds 80,128 BTC, worth about $5.32 billion at current prices.

The recent decline in Bitcoin may be due to mt.gox repayments

BTC is currently trading at $65,548, though it briefly dipped to $65,000 following reports of the Kraken payout.

Concerns remain about potential market dumps due to the ongoing settlements.

Bitcoin prices have fallen in recent days Source: coinmarket

Conclusion

The payout to Mt. Gox users by Kraken marks the end of a decade-long wait, offering a significant resolution post the exchange’s bankruptcy. This development helps restore faith in the crypto industry’s ability to address and compensate for past financial mishaps.