Kraken for Mt. Gox has announced Bitcoin payments to lenders

Kraken, the popular crypto exchange, has announced that it has received funding from the trustees of Mt Gox. Over the next seven to 14 days, at Mt. Gox will begin distributing Bitcoin (BTC) and Bitcoin Cash (BCH) to users affected by the crash.

At Mt. Gox debacle represents a critical tipping point for those affected by this spread, potentially ending a decade-long ordeal of recovery and compensation.

Bitcoin returns from $65,000

The exchange plans to distribute these funds quickly, so that affected users can get their allotted amount faster.

“The amount you receive is determined by the administrator, and we distribute according to their instructions,” Kraken said in an email to affected parties.

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This initiative is based on the famous Mt. Gox incident is a major milestone in resolving the old financial disputes. In the year In 2014, MT Gox, once a leading Bitcoin exchange, filed for bankruptcy following a security breach that resulted in a loss of approximately 850,000 BTC.

The result involves complex bankruptcy proceedings where creditors are forced to meet many conditions before they can get paid. These conditions include verifying the authenticity of the account and concluding agreements with crypto exchanges.

He started in charge of Mt Gox Paying Bitcoin and Bitcoin Cash On July 5. Also, in today's market activity, Mt. Gox transferred 91,755 BTC, worth 5.8 billion. to new addresses. This activity includes large transactions such as 48,641 BTC to a new crypto wallet – 3JQie and 42,587 BTC to wallet 18vjn.

Read more: Bitcoin (BTC) Price Prediction 2024/2025/2030

This development has influenced the price of Bitcoin. Earlier today, Bitcoin briefly touched $65,000 before returning to around $63,405 at the time of writing. Despite the rebound, BTC is still up 1.4% in the last 24 hours.