As a long-term crypto investor who experienced the painful loss of funds during the Mt. Gox hack a decade ago, this latest development brings a sense of relief and hope for justice. I still remember the despair I felt when my Bitcoin holdings were stolen from that exchange without any recourse or compensation. The news of Kraken’s successful receipt of funds from the Mt. Gox Trustees is a significant step forward in the long-awaited process of compensating affected parties.
On July 16th, Kraken made public the reception of funds from the Mt. Gox Trustees’ Rehabilitation Fund. This development represents a major milestone in the process of providing redress to those affected by the tragic downfall of the Mt. Gox cryptocurrency exchange nearly a decade ago.
Within the next seven to 14 days, we will initiate the process of distributing Bitcoin (BTC) and Bitcoin Cash (BCH) to the concerned users via email.
Distribution Plan for Mt. Gox Funds
As aanalyst, I’d interpret that message as follows: Based on the information in Kraken’s email, the total amount to be distributed has been decided upon by the Trustee. Accordingly, Kraken will transfer the funds accordingly to the instructions they have received.
“The Mt. Gox Trustee has transferred the due creditor funds, which include Bitcoin (BTC) and Bitcoin Cash (BCH), to us. We are committed to processing these funds as swiftly as possible, but kindly ask for your patience as it may take between 7 to 14 business days for the amounts to reflect in your account. The exact amount you will receive has been decided by the Trustee, and we will follow their guidelines to distribute the funds accordingly.”
Following the lead of Bitbank and SBI VC Trade, two Japanese cryptocurrency exchanges, Kraken has now disclosed that it too has received and swiftly dispersed its allotted funds.
As a crypto investor, I received an update from Arkham Intelligence on Tuesday. According to their report, it’s highly probable that the cryptocurrency address – 3JQieEzccKjFS34oW8KZSGBDndiH1YyFrE – is connected to Kraken exchange, which is among the entities working on reimbursing Mt. Gox creditors.
As a researcher investigating today’s cryptocurrency transactions, I came across an intriguing discovery: Mt. Gox transferred 48,641 BTC, approximately equal to $3.1 billion, to a specific address. Remarkably, this substantial amount remains untouched at the time of my research. Furthermore, I noted that the trustee of Mt. Gox is currently in control of another significant portion of today’s transfer – 43,114 BTC, equivalent to roughly $2.74 billion – spread across multiple addresses.
Rehabilitation Trustee Nobuaki Kobayashi on Mt. Gox Repayments
On the very same day, Nobuaki Kobayashi, the Rehabilitation Trustee for Mt. Gox, announced impressive strides forward in the creditor repayment process.
After making the first set of repayments on July 5, 2024, the Trustee proceeded with distributing Bitcoin and Bitcoin Cash to certain rehabilitation creditors using designated crypto exchanges, in accordance with the rehabilitation plan. Kobayashi announced that approximately 13,000 creditors have already received their assigned funds.
Moving forward, it’s important to note that certain conditions must be fulfilled before additional repayments can be made. These prerequisites encompass:
- verification of the validity of registered accounts and related matters;
- acceptance of the intention to subscribe to the Agency Receipt Agreement by the Designated Cryptocurrency Exchanges;
- finalization of discussions between the Rehabilitation Trustee and these exchanges regarding the repayment process;
- assurance that repayments can be executed safely and securely.
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2024-07-16 20:30