After a grueling decade-long wait, the saga of the Mt. Gox exchange collapse is finally seeing some long-overdue resolution. Kraken exchange users with Mt. Gox claims have begun receiving their Bitcoin repayments, marking a significant milestone in the ongoing rehabilitation process.
A Decade of Waiting Ends for Kraken Users
News broke on social media platforms like Reddit, with a surge of reports from Kraken users confirming the arrival of their Mt. Gox Bitcoin. This follows weeks of anticipation after the Mt. Gox Rehabilitation Trustee, Nobuaki Kobayashi, announced the distribution plan. Insights from the r/mtgoxinsolvency subreddit indicate that Kraken’s distribution process has been efficient, with many users receiving alerts about their recovered funds.
While Kraken users celebrate, those with Mt. Gox claims tied to Bitstamp will need to exercise a bit more patience. Earlier today, on-chain analysis firm Arkham Intelligence identified a transfer of approximately 42,587.49 BTC (worth roughly $2.8 billion) from an Mt. Gox wallet to an unknown address. This transfer also included 2238.87 BTC (around $150 million) sent directly to Bitstamp.
Transparency and Timelines
Bitstamp has assured its users that distribution will be completed within 7-14 days of receiving their allocated assets. This suggests Bitstamp users can expect their repayments relatively soon. The overall distribution process by Mt. Gox appears to be ongoing, with Bitcoin and Bitcoin Cash allocations being sent to pre-selected cryptocurrency exchanges.
Will Recovered Bitcoin Hit the Market?
Interestingly, reports indicate that those who have received their Bitcoin from Kraken are not immediately offloading it. This aligns with a recent Reddit poll suggesting a majority of Mt. Gox creditors (55%) have no plans to sell their recovered assets. This could potentially dampen initial fears of a major market sell-off triggered by the distribution.
Also Read: Mt. Gox Repay Chaos: Will Bitcoin Boom 4x Faster Than BCH Dump?
While the full picture remains to unfold, the commencement of repayments signifies a long-awaited step towards closure for Mt. Gox creditors. Whether they choose to hold, sell, or borrow against their recovered assets, one thing is certain – the Mt. Gox saga is finally turning a corner after a decade of uncertainty.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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