Mt.Gox Creditors Receive Funds via Kraken, Reports Suggest

Creditors of the bankrupt exchange Mt.Gox have begun receiving Bitcoin and Bitcoin Cash transfers to their Kraken accounts, according to a report by The Block, citing their Telegram group.

The payouts commenced following a series of transactions in which the platform’s trustee moved a total of 48,641 BTC, valued at over $3 billion.

According to Arkham Intelligence, on July 23, 37,477 BTC ($2.47 billion) returned to a Mt.Gox cold wallet, only to be transferred to an unidentified address the following day.

The service reports that no assets remain at the exchange’s address.

On July 16, the bankrupt company moved 47,229 BTC ($2.99 billion) and 48,641 BTC ($3.1 billion) to unidentified addresses, with Kraken being one of the recipients.

At that time, Mt.Gox was set to distribute a total of 138,985 BTC, valued at approximately $8.74 billion. Analysts speculated that the sales could exert pressure on the market, though some believe such concerns are overstated.

The recent movement of funds negatively impacted the leading cryptocurrency. On July 23, the asset fell from $68,200 to $66,500, a decline of 2.5%.

Earlier, analysts at Glassnode assessed the impact of Mt.Gox clients’ sales on Bitcoin’s price.