Matt Gox lenders will finally accept Bitcoin and Bitcoin Cash via Kraken.
A decade after the Gox hack that quickly drained the fortunes of many investors, lenders were relieved. Kraken CEO Dave Ripley announced that Kraken has distributed Bitcoin and Bitcoin Cash from the Mt Gox Estate to creditors. He emphasized Kraken's decades of facilitating the investigation and recovery of customer funds as a privilege and obligation.
Overcome roadblocks
Ripley said legal issues delayed payments but credited the trustee with keeping most of the Bitcoin safe and maintaining its value. This effort is highly appreciated by lenders.
As Kraken's 13th anniversary approaches, Ripley reflects on the company's mission and responsibility to customers, honoring founder Jesse Powell for his role in shaping the crypto industry. These milestones highlight Kraken's commitment to its customers and the crypto community.
The end of investors!
In the year The collapse of Mount Gox in 2014 was a landmark event in the history of cryptocurrency, as the largest bitcoin exchange at the time lost 850,000 bitcoins to hackers. Today, this stolen bitcoin would be worth about $56 billion. Kraken, along with four other exchanges — Bitstamp, SBI VC Trade, Bitbank and Coincheck — has been selected to help refund the roughly 127,000 affected customers. The total debt of these customers is estimated to be more than 7 billion dollars, which covers different types of cryptocurrencies and currencies.
Development and future of rehabilitation planning
Recent developments include the approved 2021 Mt. Gox has made significant progress in its recovery plan, which aims to repay affected customers up to 90% of what they owe.
Moreover, blockchain analysis firm Arkham Intelligence reported that MT Gox began moving $2.85 billion worth of bitcoins to new digital wallets, and $340 million was sent to addresses linked to Bitstamp. The Mt. Gox estate still holds 85,234 bitcoins, worth approximately $5.7 billion. This event took place in the former Mt. Gox is an important step in solving the long-term problems faced by customers.
Impact on the Crypto market
The circulation of nearly $9 billion in BTC and BCH has been a major concern for digital asset investors. Many lenders are now considering how many of those properties will be sold on the open market to take advantage of the high inflation of the past decade. Historically, crypto prices have often been about Mt. Gox related news of blockchain transfers has reacted negatively.
Earlier today, Mt. After Gox wallets moved $2.8 billion worth of assets, Bitcoin slid to $66,000, including $130 million in BTC to Bitstamp, marking a split for creditors.
