Breaking: Kraken Confirms BTC, BCH Receipt From Mt. Gox, Repayments Within Weeks

Varinder Singh
July 16, 2024 Updated July 19, 2025
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Kraken Rejects Bitcoin Payout To Mt Gox Creditors Despite Verification

Highlights

  • Kraken sent email to Mt. Gox creditors to confirming receiving funds from Mt Gox Trustee.
  • Crypto exchange will deposit funds to creditors within 7-14 days.
  • BTC price currently trades at $63,800 defying Mt. Gox repayment.

Crypto exchange Kraken on Tuesday sent email to Mt. Gox creditors confirming that they have received funds from the beleaguered exchange trustee. Moreover, the estimated payments of Bitcoin (BTC) and Bitcoin Cash (BCH) will be completed in 7-14 days.

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Mt. Gox Creditors to Receive BTC and BCH From Kraken

Several Mt. Gox creditors reported receiving emails from Kraken crypto exchange, stating it successfully received Bitcoin and Bitcoin Cash from Mt. Gox trustee. The exchange expects to transfer funds to creditors within 7-14 days. It means funds will be deposited into the user’s account by July end.

As CoinGape reported, Mt. Gox-linked wallet moved more than $6 billion in Bitcoin in two transfers to unknown wallets. It caused a sharp drop in BTC price, with crypto liquidations exceeding $210 million. As per on-chain data platform Arkham, Mt. Gox cold wallet transferred 48,641 BTC, valued at $3.07 billion, to a new address beginning with 3JQie…YyFrE, followed with another transfer.

In total, over the past few hours, Mt. Gox has moved 95,869.97 BTC to two separate addresses, amounting to a combined value of $6.06 billion.

Kraken email
Source: Kraken email

Also Read: Ripple XRP Case Update – Ex-SEC Weighs In On Settlement, XRP Nears Bullish Cross

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Bitcoin Bulls Upbeat Despite Liquidation Risk

Bitcoin bulls remain confident over further Bitcoin price rally. Traders started dumping positions on initial reports of Mt. Gox Trustee moving BTC and BCH to different wallet addresses. Kraken-linked address received 48,641 BTC ($3.10B) from Mt. Gox this morning, which remains unspent, as per Arkham.

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BTC price jumped over 1% in the past 24 hours, with the price currently trading at $64,000. The 24-hour low and high are $62,487 and $64,989, respectively. Furthermore, the trading volume has shot up by 40% in the last 24 hours, indicating a massive interest among traders.

BTC futures and options traders are buying heavily, especially in the United States. Coinbase premium gap is once again rising as markets expect Fed rate cuts in September. CME futures open interest jumps over $10 billion. According to Matrixport, the upside momentum will continue for longer.

Also Read: Is Meme Coin Frenzy Back? Here’s What Data Signals

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.