Kraken and Bitstamp Report on Mt.Gox Asset Distribution

Major centralized cryptocurrency exchanges have announced the receipt of digital assets from the defunct trading platform Mt.Gox and their distribution among creditors.

In the early hours of July 24, Kraken CEO Dave Ripley reported on the deposits and the commencement of payments.

1/ @krakenfx has successfully distributed #Bitcoin and Bitcoin Cash from the @mtgox estate back to creditors.

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. pic.twitter.com/ptKexzN4gm

— Dave Ripley (@DavidLRipley) July 23, 2024

“Kraken has successfully distributed Bitcoin and Bitcoin Cash from the Mt.Gox estate among creditors. It has been nearly ten years since the Trustee selected the exchange to facilitate the investigation and return of client funds. It was our privilege and our duty,” he stated.

Ripley thanked the trustee for holding onto the Bitcoin, as “preserving value is exemplary and undoubtedly appreciated by all creditors.”

Later, Bitstamp also reported on its operations with Mt.Gox assets. The platform has begun gradual payments to clients who are creditors of the bankrupt entity.

We’re pleased to announce that we’ve received the Mt. Gox assets. We’re working diligently to distribute them to our Bitstamp customers who are Mt. Gox creditors. Please allow up to one week for security checks. We’ll inform you when the transfer is finalized. Thank you for your…

— Bitstamp (@Bitstamp) July 24, 2024

“Please allow up to one week for security checks. We will inform you when the transfer is completed. Thank you for your patience and trust,” the publication stated.

For UK residents, Bitstamp will have a separate payment plan, but the company has promised to complete operations “as soon as possible.”

Previously, media reported that creditors had already begun receiving Bitcoin and Bitcoin Cash transfers to their Kraken accounts.

Payments commenced following a series of transactions, after which the platform’s trustee moved a total of 48,641 BTC valued at over $3 billion. According to on-chain data, some of these assets also went to Bitstamp.

Earlier, Glassnode analysts assessed the potential impact of Mt.Gox sales on Bitcoin’s price. In their view, the market could “absorb” the negative pressure.