Kraken Immediately Distributes Mt Compensation Funds. Gox Worth IDR 50 Trillion In Bitcoin

Mt. Gox began distributing compensation funds in the form of Bitcoin. (Photo; Doc. NewsBTC)

JAKARTA - Crypto exchange Kraken announced the receipt of funds from Rehabilitation Manager Mt. Gox on July 16. This step is an important milestone in the compensation process for victims of the collapse of the Mt. Gox exchange a decade ago.

According to a report from Arkham Intelligence, an address linked to Kraken received a crypto asset worth US$3.1 billion (Rp50.1 trillion) from Mt. Gox's wallet on Tuesday morning recently.

Mt. Gox Fund Distribution Plan

In an email to the affected parties, Kraken stated that they will start distributing Bitcoin (BTC) and Bitcoin Cash (BCH) in the next seven to fourteen days.

We have successfully received creditors (BTC and BCH) from the Mt. Gox Manager. Although we will try to distribute the funds as quickly as possible, please anticipate 7-14 days for the credited funds to your account. The amount you will receive has been determined by the manager, and we will distribute it according to their instructions," reads the statement in the email.

The announcement follows the actions of two previous Japanese exchanges, Bitbank and SBI VC Trade, which received and quickly distributed the funds they received in a matter of hours.

On Tuesday, leading blockchain intelligence firm Arkham Intelligence revealed that the address 3JQieEzccKjFS34oW8KZSGBDndiH1YyFrE was most likely linked to Kraken, one of the exchanges involved in refunding Mt. Gox creditors.

This address received a transfer of 48,641 BTC, worth about US$3.1 billion, from Mt. Gox. To date, this large amount has not been used. In addition, the manager of Mt. Gox still holds another part of the BTC transferred that morning, namely 43,114 BTC, which is worth about US$2.74 billion (Rp44.3 trillion), in several addresses.

Payment Criteria

In a separate notice issued on the same day, rehabilitation Manager Nobuaki Kobayashi reported significant progress in the repayment process to Mt. Gox creditors. After the first round of payments on July 5, 2024, the Manager continued on July 16, 2024 by distributing Bitcoin and Bitcoin Cash to several rehabilitation creditors through designated crypto exchanges, in accordance with the rehabilitation plan. Kobayashi further revealed that more than 13,000 creditors have received the funds allocated so far.

Kobayashi also added that some criteria must be met before further payments can be made, including:

With this step, Kraken and Rehabilitation Manager Mt. Gox moved forward in an effort to return the funds to thousands of victims who have waited years for justice and compensation for their losses.