Kraken Secures 48,641 Bitcoin From Mt. Gox: What’s Next?

Kraken, a prominent crypto exchange, has reportedly received 48,641 Bitcoin (BTC) from the now-defunct Mt. Gox exchange, according to insights from Arkham Intelligence. This update follows significant transfers of Bitcoin to an internal wallet by Mt. Gox just hours earlier.

### Mt. Gox’s Bitcoin Transfer to Kraken

Arkham, which specializes in on-chain crypto data, revealed that a wallet associated with Kraken received the substantial sum of 48,641 BTC, equivalent to approximately $3.1 billion, from Mt. Gox. Notably, Kraken was designated by Mt. Gox to facilitate the distribution of Bitcoin to creditors affected by the exchange’s infamous 2014 hack.

Kraken has confirmed the receipt of the Bitcoin and has committed to commencing repayments within 7 to 14 days. They indicated that creditors would only receive amounts set by the trustees of Mt. Gox, following their directives.

Earlier reports highlighted that Mt. Gox had moved a striking $2.4 billion worth of BTC to an undisclosed wallet address, a sign that fund distribution to victims of the hack is imminent.

However, Arkham emphasized in its recent update that $2.74 billion in BTC is still retained by Mt. Gox. The exchange filed for bankruptcy in 2014 after a notorious hack that resulted in the loss of approximately 850,000 BTC. Consequently, Kraken’s receipt of these funds offers much-needed hope to Mt. Gox creditors who have been waiting for recovery for nearly a decade.

### Bitcoin’s Reaction to Mt. Gox Transfers

The price of Bitcoin, the leading digital currency, experienced a sharp decline, dropping from $65,000 to the $62,000 range following this morning’s significant transfer from Mt. Gox. This drop likely reflects investor concerns about a potential sell-off once repayments to Mt. Gox’s creditors commence.

Despite this dip, BTC quickly regained traction and was trading at $63,720 at the time of this report.