Crypto
exchange
Kraken
said
it
received
Mt.
Gox
creditors’
funds,
according
to
an
email
statement
seen
by
CryptoSlate.
According
to
the
email:
“We
have
successfully
received
creditor
funds
(BTC
and
BCH)
from
the
Mt.
Gox
Trustee.
While
we
will
work
to
distribute
funds
as
quickly
as
possible,
please
anticipate
7-14
days
for
funds
to
be
credited
to
your
account.
The
amount
you
will
receive
has
been
determined
by
the
Trustee,
and
we
will
distribute
according
to
their
instructions.”
Earlier
today,
Mt.
Gox
transferred
approximately
92,000
BTC,
valued
at
$5.8
billion,
to
four
unnamed
addresses,
according
to
the
blockchain
analytical
platform
Arkham
Intelligence.
The
firm
reported
that
the
defunct
exchange
moved
48,641
BTC,
valued
at
$3.07
billion,
to
the
address
3JQie.
Initially,
these
funds
were
sent
to
Mt.
Gox
1Jbez
before
being
transferred
entirely
to
3JQie.
The
failed
exchange
also
moved
42,587
BTC,
valued
at
$2.7
billion,
to
18vjnB,
527
BTC,
estimated
to
be
worth
$33.63
million,
to
1HRAp,
and
0.02
BTC,
equivalent
to
$1,300,
to
1JJ8oBa.
Market
observers,
including
blockchain
analyst
Lookonchain,
suggest
these
transactions
are
in
preparation
for
the
firm’s
repayment
efforts.
On
July
5,
the
exchange
announced
it
had
begun
repaying
creditors
through
designated
crypto
exchanges
according
to
its
rehabilitation
plan.
Notably,
reports
indicated
that
the
timeline
for
payouts
may
vary
across
exchanges.
Meanwhile,
the
Mt.
Gox
wallet
still
holds
nearly
139,000
coins
worth
over
$8.7
billion
despite
these
transfers,
according
to
Arkham’s
platform.
Market
reacts
to
Bitcoin
movement
Mt.
Gox’s
recent
Bitcoin
movements
have
increased
selling
pressure
on
the
leading
digital
asset.
According
to
CryptoSlate’s
data,
BTC’s
price
dropped
from
about
$65,000
earlier
today
to
$63,500
at
press
time.
This
sudden
price
drop
resulted
in
the
liquidation
of
approximately
$13
million
from
traders
speculating
on
the
market’s
price
movement
within
the
last
four
hours,
according
to
Coinglass
data.
Despite
this,
many
analysts
remain
optimistic.
They
note
that
the
market
absorbed
the
German
government’s
recent
Bitcoin
sales
without
major
issues.
Over
the
past
month,
the
German
government
sold
around
50,000
Bitcoin
through
several
transactions
that
spooked
the
broader
market.
Toby
Cunningham,
the
co-host
of
the
popular
crypto
show
Crypto
Tips,
stated:
“First,
it
was
Germany
selling
Bitcoin
and
now
it’s
MT
Gox.
Dollar
cost
average
and
HODL
because
there
will
always
be
someone
or
something
selling.”
Mentioned
in
this
article
Go to Source
Author: Oluwapelumi Adejumo
