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Kraken confirms receipt of Bitcoin from Mt. Gox, creditors will receive it next week
Cryptocurrency exchange Kraken said it has received funds from Mt. Gox creditors, according to an emailed statement seen by CryptoSlate.
According to the email:
“We have successfully received creditor funds (BTC and BCH) from the Mt. Gox Trustee. While we will work to distribute the funds as quickly as possible, please allow 7-14 days for the funds to be credited to your account. The amount you receive has been determined by the Trustee, and we will distribute according to their instructions.”
Earlier today, Mount Gox transferred approximately 92,000 BTC, valued at $5.8 billion, to four unidentified addresses, according to blockchain analytics platform Arkham Intelligence.
The company reported that the now-defunct exchange moved 48,641 BTC, valued at $3.07 billion, to the 3JQie address. These funds were initially sent to Mt. Gox 1Jbez before being transferred entirely to 3JQie.
The failed exchange also moved 42,587 BTC, valued at $2.7 billion, to 18vjnB, 527 BTC, estimated at $33.63 million, to 1HRAp, and 0.02 BTC, worth $1,300, to 1JJ8oBa.
Market observers, including blockchain analyst Lookonchain, suggest that these transactions are a preparation for the company’s payments efforts.
On July 5th, the exchange announced has begun paying creditors through designated cryptocurrency exchanges in accordance with its rehabilitation plan. Notably, reports have indicated that the timeline for payments may vary across exchanges.
Meanwhile, the Mt. Gox wallet still holds nearly 139,000 coins worth more than $8.7 billion despite these transfers, according to Arkham’s platform.
Market reacts to Bitcoin movement
Mt. Gox’s recent Bitcoin moves have increased selling pressure on the leading digital asset. According to data from CryptoSlate, the price of BTC has fallen from around $65,000 earlier today to $63,500 at press time.
This sudden price drop resulted in the liquidation of approximately $13 million from traders speculating on the market’s price movement over the past four hours, according to Coinglass. data.
Despite this, many analysts remain optimistic. They note that the market has absorbed the German government’s recent decision Bitcoin Sales without any major problems. Last month, the German government sold about 50,000 Bitcoin has undergone several transactions that have scared the market in general.
Toby Cunningham, co-host of the popular crypto show Crypto Tips, stated:
“First it was Germany selling Bitcoin and now it’s MT Gox. Dollar-cost average and HODL because there will always be someone or something selling.”