U.Today – Cryptocurrency exchange Kraken has reportedly received 48,641 (BTC) from defunct exchange Mt. Gox. This update from Arkham Intelligence comes just hours after the defunct exchange transferred massive amounts of Bitcoin to an internal wallet.
Transfer Bitcoins from Mt. Gox to Kraken
Arkham, an on-chain crypto data platform, reported that a wallet address linked to Kraken received 48,641 BTC worth about $3.1 billion from Mt. Gox. It should be noted that Kraken is one of the exchanges chosen by Mt. Gox to facilitate distribute BTC to creditors who lost funds during the 2014 hack.
Interestingly, Kraken has confirmed receiving the Bitcoin from Mt. Gox and promised to begin repayment within 7 to 14 days. In the update, Kraken said that creditors will only receive the amounts set by Mt. Gox trustees and will distribute according to their instructions.
Meanwhile, our previous article published this morning shows that Mt. Gox moved $2.4 billion worth of BTC to an undisclosed wallet address. Given the expected refund process, this move signaled the distribution of funds to victims of the hack.
However, Arkham emphasized in its latest update that the $2.74 billion in BTC that was transferred today is still held by Mt. Gox. The shuttered exchange filed for bankruptcy in 2014 after suffering an infamous hack that led to the loss of around 850,000 BTC. Therefore, Kraken receiving the funds comes as a relief to Mt. Gox creditors who have been patiently waiting for repayment for nearly a decade.
Bitcoin’s Response to Mt. Gox Transfers
Bitcoin, the world’s leading digital asset, has plummeted from $65,000 to $62,000 in response to today’s massive transfer from Mt. Gox. This is likely due to investor concerns that a potential sell-off could occur once the repayment to Mt. Gox creditors begins.
Despite this, BTC quickly changed hands and at the time of writing its value was $63,720.
