A Bitcoin transfer worth $3.1 million has been noted

Kraken has announced the receipt of funds from the patrons of the rehabilitation of Mt. Gox on July 16. This is an important step to compensate those affected by the historic collapse of the exchange of Mt. Gox a decade ago.

In an email to affected parties, the exchange said it plans to start distributing Bitcoin (BTC) and Bitcoin Cash (BCH) to affected users within the next seven to 14 days.

Fund distribution plan of Mt. enjoy

According to Kraken’s email, the amount received has been determined by the trustee and the exchange will distribute the funds according to their instructions.

“We have successfully received creditor funds (BTC and BCH) from the Mt. Gox Trustee. Although we will work to distribute the funds as soon as possible, please allow 7-14 days for the funds to be credited to the your account. The amount you will receive has been determined by the Trustee, and we will distribute it according to his instructions.”

Kraken’s announcement follows the actions of two Japanese exchanges, Bitbank and SBI VC Trade, which quickly received and distributed their allocated funds within hours.

In an update on Tuesday, prominent blockchain intelligence firm Arkham Intelligence revealed that the address – 3JQieEzccKjFS34oW8KZSGBDndiH1YyFrE – is likely associated with Kraken, one of the exchanges involved in paying creditors of Mt. enjoy

This address received a transfer of 48,641 BTC, worth about $3.1 billion, from Mt. Gox earlier today. Notably, this massive amount remains unspent as of this writing. In addition, the trustee of Mt. Gox still has another portion of the BTC transferred this morning, amounting to 43,114 BTC, valued at around $2.74 billion, to various addresses.

Nobuaki Kobayashi, rehabilitation trustee on the payments of Mt. enjoy

In a separate notice issued on the same day, rehabilitation trustee Nobuaki Kobayashi reported significant progress in the repayment process for creditors of Mt. enjoy

After an initial round of repayments on July 5, 2024, the Trustee continued on July 16, 2024 to distribute Bitcoin and Bitcoin Cash to some rehabilitation creditors through designated crypto exchanges, in alignment with its rehabilitation plan. Kobayashi also revealed that more than 13,000 creditors have received the allocated funds so far.

It further added that several criteria must be met before new repayments are made, including:

verification of the validity of registered accounts and related matters; acceptance of the intention to enter into the agency acceptance agreement by the designated cryptocurrency exchanges; completion of discussions between the Rehabilitation Trustee and these exchanges regarding the repayment process; guarantee that payments can be executed securely. SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

2024 LIMITED OFFER on BYDFi Exchange – Up to $2888 Welcome Reward, Use this link to register and open a 100 USDT-M position for free!