NewsletterJust-In: Kraken Begins Distributing Mt Gox Creditors In Bitcoin
Highlights
- Kraken users are now reporting the receipt of their Bitcoin allocation from Mt Gox
- Commentary from Reddit confirmed this trend
- Other exchanges like Bitstamp are yet to distribute their allocated Bitcoin
The decade-old wait for locked Bitcoin (BTC) on the Mt Gox is finally paying off for some Kraken users. According to online chatters from Reddit, the majority of the exchange’s customers with claims on Mt Gox confirmed they have received their funds.
Mt Gox Bitcoin Repayment: The Wait is Finally Over
The Mt Gox Rehabilitation Trustee Nobuaki Kobayashi has finally made good on its promise. After weeks of waiting, Kraken Exchange users now confirm they have received their payments.
Kraken has proven to be very efficient with the distribution as insight from the r/mtgoxinsolvency Subreddit confirmed many users have received their alerts. While the Mt Gox creditors with Bitcoin claims on Kraken are rejoicing, those linked to Bitstamp have a few more days or weeks to go.
Earlier today, Arkham Intelligence spotted an Mt Gox-labeled wallet sending about 42,587.49 BTC worth $2.8 billion to an unknown wallet. It also highlighted that Bitstamp received 2238.87 BTC, worth around $150 million from the defunct crypto firm at around 6:30 a.m. UTC.
Hence, the wait may not be so long for Bitstamp users. At least, the crypto exchange is expected to complete distribution with 7-14 days of receiving allocated assets. Even before now, Bitstamp had assured users that it would distribute the Bitcoin as soon as it receives them.
From all indication, Mt Gox is still in the process of allocating the Bitcoin and Bitcoin Cash to the preselected cryptocurrency exchanges.
Mt Gox Creditors Hold on to Their Recovered Assets
For those who have received their assets from Kraken, no troubling offloads have been spotted. This suggests that they are keeping their Bitcoin and the outlook corresponds with a recent Reddit poll. At first, Jan3 CEO and popular Bitcoin bull Samson Mow speculated that only about 20% of the Mt Gox Bitcoin distribution will hit the market.
On the other hand, the remaining 80% of the same holding will just move to cold storage. Some may even borrow against it. In his opinion, the fate of Bitcoin Cash is to get dumped in the market.
Then, a poll on Reddit showed that 55% of Mt Gox creditors will not sell after receiving repayment. Precisely, 260 out of 467 participants said they were not going to sell any part of the funds.
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