Kraken confirms receiving Mt. Gox creditor Bitcoin

At least one major centralized cryptocurrency exchange has confirmed that it has received Bitcoin earmarked for payments to Mt. Gox creditors.

Kraken announced that it received an undisclosed amount of Bitcoin (BTC) and Bitcoin Cash (BCH) from the trustee designated for Mt. Gox user refunds. Emails sent to affected users on Tuesday and seen by crypto.news stated that Kraken planned to distribute crypto to creditor accounts within 14 days.

The confirmation came just hours after the bankrupt BTC exchange transferred nearly $6 billion worth of Bitcoin to unlabeled addresses.

According to Arkham Intelligence, the transactions began at around 05:13 UTC with test transactions from a wallet connected to the bankrupt platform. Between 06:39 UTC and 08:12 UTC, 47,229 BTC worth approximately $2.9 billion and 48,641 Bitcoin worth $3.1 billion were transferred to separate addresses.

Mt. Gox saga adds selling pressure to Bitcoin

Several successful attacks on Mt. Gox between 2011 and 2014 eventually led to the platform declaring bankruptcy in February 2014. The criminals stole over 950,000 BTC, which is now worth over $60 billion.

Despite the massive transfers, the bankrupt Bitcoin exchange still holds around $8.9 billion worth of BTC and is expected to pay off around $9 billion worth of crypto creditors.

Following Tuesday’s trading, Bitcoin’s price had fallen to around $63,000 after trading above $65,000 on Monday. The decline was likely due to hypothetical selling pressure expected over the next two weeks. At press time, Bitcoin showed strength and was seen moving back toward $64,000.