Creditors of the bankrupt crypto exchange Mt. Gox are finally receiving Bitcoin (BTC) and Bitcoin Cash (BCH) payments.
Kraken chief executive Dave Ripley announced on Tuesday that his exchange had successfully distributed the BTC and BCH from the Mt. Gox estate.
“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.
While frivolous lawsuits got in the way of earlier payments, we are extremely grateful to the Trustee for keeping the coins safe and HODLing the vast majority of BTC all this time. The preservation of value is exemplary and is surely appreciated by all creditors.”
Mt. Gox used to handle over 70% of Bitcoin’s trading volume but went bankrupt in 2014 after the platform was hacked.
The exchange ultimately recovered most of its coins and has been in a lengthy bankruptcy process paying back its former customers, which has generated uncertainty in the crypto market due to the potential sell pressure.
BTC is trading at $66,363 at time of writing. The top-ranked crypto asset by market cap is down less than 1% in the past 24 hours.
BCH is trading at $367.97 and is down more than 2.5% in the past 24 hours.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Follow us on X, Facebook and Telegram
Generated Image: Midjourney
Read the full article here
