Kraken, a popular cryptocurrency exchange, announced that it has received funding from the Mt. Gox Foundation. We plan to begin distributing Bitcoin (BTC) and Bitcoin Cash (BCH) to users affected by the Mt. Gox collapse within the next 7-14 days.
For those affected by the Mt. Gox incident, this distribution will be an important resolution and will likely end the 10-year ordeal of recovery and compensation.
Bitcoin rebounds from $65,000
The exchange plans to quickly distribute funds to affected users so that they can quickly receive their allocated funds.
“The amount you will receive was determined by the Trustees and will be distributed according to the Trustees’ guidelines,” Kraken said in an email to affected parties.
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This measure will be an important milestone in resolving the financial dispute that has persisted since the infamous Mt. Gox incident. In 2014, Mt. Gox, once a leading Bitcoin exchange, filed for bankruptcy after a security breach resulted in the loss of approximately 850,000 BTC.
In the aftermath, creditors were forced to navigate a complex bankruptcy process that required several conditions to be met before they could be repaid. These conditions include verifying the authenticity of the account and completing a contract with the cryptocurrency exchange.
The Mt. Gox Management Committee began paying Bitcoin and Bitcoin Cash on July 5th . Additionally, in today's market activity, Mt. Gox transferred 91,755 BTC, worth $5.8 billion, to a new address. These movements include large transactions such as 48,641 BTC to the new cryptocurrency wallet 3JQie and 42,587 BTC to the 18vjn wallet.
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These developments have had an impact on the price of Bitcoin . Today, Bitcoin briefly hit $65,000 before settling back down to around $63,405 at the time of this writing. Despite the retracement, Bitcoin is still up 1.4% over the past 24 hours.
