Bitcoin Cash

Bitcoin

Arkham

Kraken cryptocurrency exchange has announced that it has successfully distributed Bitcoin and Bitcoin Cash to customers affected by the Japanese exchange, Mt. Gox hack that happened nearly ten years ago. 
Dave Ripley, CEO of Kraken, said on social media platform X, “It’s been nearly a decade since Kraken was selected by the Trustee to facilitate the investigation and return of client funds. It was our privilege and it was our duty.” 
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 1/ <a href="https://twitter.com/krakenfx?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@krakenfx</a> has successfully distributed <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Bitcoin</a> and Bitcoin Cash from the <a href="https://twitter.com/MtGox?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@mtgox</a> estate back to creditors. It’s been nearly a decade since Kraken was selected by the Trustee to facilitate the investigation and return of client funds. It was our privilege and it was our duty. <a href="https://t.co/ptKexzN4gm" target="_blank">pic.twitter.com/ptKexzN4gm</a>— Dave Ripley (@DavidLRipley) <a href="https://twitter.com/DavidLRipley/status/1815880303254323603?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">July 23, 2024</a>
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This event is a crucial development in the Mt. Gox saga, which began in 2014 when the then-largest Bitcoin exchange collapsed after losing 850,000 Bitcoin to hackers. At current market rates, this stolen Bitcoin would be worth about $56 billion. 
Kraken was one of five exchanges chosen to help return funds to approximately 127,000 people impacted by Mt. Gox’s collapse. The total amount owed to former Mt. Gox customers is estimated at over $7 billion in various forms of cryptocurrency and cash.&nbsp; 
Other exchanges involved in returning funds include Bitstamp, SBI VC Trade, Bitbank, and Coincheck. 
Recent data from blockchain analysis firm Arkham Intelligence shows that Mt. Gox has started moving $2.85 billion worth of Bitcoin to new digital wallets. Of this amount, $340 million has reportedly been sent to addresses linked to Bitstamp. The Mt. Gox estate still holds about 85,234 Bitcoin, worth approximately $5.7 billion. 
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 UPDATE: MT. GOX MOVING $2.85B BTC Mt. Gox moved a total of $2.85B BTC to new wallets this morning in order to distribute 5110 BTC ($340.1M) BTC to 4 separate Bitstamp addresses. Bitstamp is one of the 5 exchanges that the Mt. Gox Trustee is working with to return funds to Mt.… <a href="https://t.co/KsKuxMpvZS" target="_blank">pic.twitter.com/KsKuxMpvZS</a>— Arkham (@ArkhamIntel) <a href="https://twitter.com/ArkhamIntel/status/1815681016050147533?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">July 23, 2024</a>
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A rehabilitation plan approved in 2021 aims to repay affected customers about 90% of what they are owed. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/07/19/kraken-expands-crypto-custody-services-to-uk-and-australia/" target="_blank" rel="noreferrer noopener">Kraken Expands Crypto Custody Services to UK and Australia</a> 
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Kraken Completes Distribution of Bitcoin to Mt. Gox Hack Victims

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