As a researcher with a background in cryptocurrency and blockchain technology, I have followed the Mt. Gox saga closely since its unfortunate collapse in 2014. The recent news that Kraken has successfully distributed Bitcoin and Bitcoin Cash to affected customers is a significant development in this long-running story.
Kraken, the cryptocurrency exchange, reportedly dispensed Bitcoin and Bitcoin Cash to victims of the decade-old Mt. Gox hack. The distribution was carried out effectively by Kraken.
Dave Ripley, the CEO of Kraken, expressed on social media site X that it’s been close to ten years since Kraken was chosen by the Trustee to oversee the probe and distribute clients’ assets. We took great pride in carrying out this responsibility.
1/ @krakenfx has successfully distributed #Bitcoin and Bitcoin Cash from the @mtgox estate back to creditors.
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.
— Dave Ripley (@DavidLRipley) July 23, 2024
The Mt. Gox scandal, which started in 2014 when the leading Bitcoin exchange at the time suffered a collapse due to the theft of approximately 850,000 Bitcoins, is experiencing a significant turning point with this recent event. At present-day values, the stolen Bitcoins would equate to around $56 billion.
Kraken was selected among five other exchanges to facilitate the return of funds to around 127,000 individuals affected by Mt. Gox’s bankruptcy. The combined amount due to former Mt. Gox clients is believed to exceed $7 billion in both cryptocurrencies and fiat money.
Other exchanges involved in returning funds include Bitstamp, SBI VC Trade, Bitbank, and Coincheck.
According to the latest findings from blockchain intelligence firm Arkham Intelligence, Mt. Gox has transferred over $2.85 billion in Bitcoin to new digital wallets. Around $340 million of this amount is said to have been sent to wallets associated with Bitstamp. The Mt. Gox trust presently holds around 85,234 Bitcoins, which is equivalent to approximately $5.7 billion in value.
In 2021, an approved rehabilitation plan is intended to reimburse approximately 90% of the outstanding debts for affected customers.
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2024-07-24 05:56