Kraken has begun distributing Bitcoin received from the Mt. Gox Trustee on July 16. Creditors of the now-defunct Bitcoin exchange, Mt. Gox, reported seeing crypto balances on the Kraken platform, providing relief to impacted users 10 years after a significant hack. This news was confirmed on a Reddit subreddit called “mtgoxinsolvency,” where several users, believed to be Mt. Gox claimants, verified the update. Some users also reported receiving Bitcoin Cash tokens.

Kraken started distributing the Gox coins. This update was shared by a user on Twitter on July 23, 2024.

Kraken had promised to disburse funds to creditors within seven to 14 days following Mt. Gox’s movement of approximately $6 billion in crypto to various addresses. Users also noted “brute force” attacks on accounts, indicating attempts by malicious actors to steal relief assets.

On July 23, Arkham reported that the bankrupt BTC exchange sent $2.85 billion to four Bitstamp wallets. On-chain data revealed transfers of 1598 BTC ($106.3 million), 382.4 BTC ($25.4 million), 2239 BTC ($149.1 million), and 890.9 BTC ($59.3 million). It remains unclear whether Bitstamp will adhere to the same two-week distribution window as Kraken.

Mt. Gox moved a total of $2.85 billion BTC to new wallets this morning to distribute 5110 BTC ($340.1 million) BTC to four separate Bitstamp addresses.

Based in Shibuya, Tokyo, Mt. Gox experienced six hacks between 2011 and 2014, resulting in the theft of over 850,000 BTC. This incident remains one of the largest crypto hacks in history, with the stolen amount currently valued at more than $60 billion.

At least $9 billion is owed to creditors, and market observers have varied opinions on whether creditors will choose to sell their Bitcoin. If users decide to offload BTC tokens, the cryptocurrency may experience sell pressure. At the time of this writing, BTC is trading down 2.3% and is priced at approximately $65,800 per token.

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