Kraken has confirmed the successful receipt of Bitcoin (BTC) and Bitcoin Cash (BCH) funds from the Mt. Gox trustee. This latest disbursement follows a series of repayments initiated by the Rehabilitation Trustee on July 5, 2024, and further expanded on July 16, 2024, benefiting numerous creditors.
The funds are in the process of final distribution within 7 to 14 days. The distribution process closely follows the trustee’s instructions to guarantee that each recipient receives the designated amount.
However, this recent development signifies a significant step forward in the long-standing Mt. Gox rehabilitation process. As of today, the Rehabilitation Trustee has completed repayments to over 13,000 creditors, with further disbursements planned for eligible recipients.
Notably, the timeline for remaining repayments is contingent upon the fulfillment of several conditions. These include verification of registered accounts, acceptance of the Agency Receipt Agreement by Designated Cryptocurrency Exchanges, completion of discussions regarding repayment logistics, and confirmation of secure and safe disbursement procedures.
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Kraken Exchange acknowledges the anticipation surrounding this process and assures affected users that they are working diligently to distribute funds as quickly and efficiently as possible. Furthermore, users with questions or concerns are encouraged to contact Kraken’s specialist team 24/7 via live chat, phone, or support ticket, mentioning “Mt. Gox” for prioritized assistance.
The ongoing efforts of the Rehabilitation Trustee and participating exchanges like Kraken are crucial in achieving a fair and timely resolution for all parties involved in the Mt. Gox recovery process.
The MtGox wallet recently moved 47,229 $BTC, valued at around $2.71 billion at the time of the incident. The defunct crypto exchange is likely making this large transfer to fulfill its repayment commitment in July. This movement of funds triggered a market downturn, causing Bitcoin’s price to decline by approximately 5-7%.
The market correction resulted in liquidations in the derivative markets, particularly in futures and options contracts. Coinglass data shows that the total crypto liquidation in the last 24 hours is $683.04 million, with long and short positions recording $590.23 million and $92.81 million, respectively, at press time.
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