U.Today – Cryptocurrency exchange Kraken is said to have received 48,641 (BTC) from defunct exchange Mt. Gox. This update from Arkham Intelligence comes just hours after the defunct exchange transferred large amounts of Bitcoin to an internal wallet.
Transferring Bitcoins from Mt. Gox to Kraken
Arkham, an on-chain crypto data platform, said that a wallet address linked to Kraken received 48,641 BTC worth approximately $3.1 billion from Mt. Gox. It should be noted that Kraken is one of the exchanges chosen by Mt. Gox to help distribute BTC to creditors who lost funds during the 2014 hack.
It is worth noting that Kraken has acknowledged the bitcoins received from Mt. Gox and has promised to start paying them out within 7-14 days. In an update, Kraken said that creditors will only receive amounts determined by Mt. Gox trustees and will distribute them according to their instructions.
Meanwhile, our previous article published this morning shows that Mt. Gox moved $2.4 billion worth of BTC to an undisclosed wallet address. Given the early refund process, this move indicated the distribution of funds to the hack victims.
However, Arkham highlighted in its recent update that $2.74 billion worth of BTC was transferred today, which is still held by Mt. Gox. The defunct exchange platform went bankrupt in 2014 after suffering a well-known hack that resulted in the loss of around 850,000 BTC. Therefore, Kraken receiving funds comes as a relief for Mt. Gox creditors, who have been patiently waiting for recovery for almost a decade.
Bitcoin's response to Mt. Gox transfers
Bitcoin, the world’s leading digital asset, plummeted sharply from $65,000 to $62,000 in response to this morning’s massive transfer from Mt. Gox. This is likely due to investors’ concerns that a potential sell-off could occur as soon as the payment to Mt. Gox’s creditors begins.
Despite this, BTC changed hands quickly and was trading at $63,720 at the time of writing.
This article was originally published on U.Today
