After a decade-long wait, many Kraken users have confirmed receiving their long-awaited Bitcoin payouts from the Mt. Gox exchange. The distribution marks a significant milestone in the long recovery process for creditors of the defunct cryptocurrency platform.
Efficient Distribution by Kraken
Kraken has demonstrated efficiency in distributing the funds, according to discussions on the r/mtgoxinsolvency Subreddit. Numerous users reported receiving alerts about their Bitcoin transfers. While Kraken users celebrate, creditors associated with Bitstamp might need to wait a few more days or weeks for their distributions.
Earlier today, Arkham Intelligence reported that a Mt. Gox-labeled wallet transferred approximately 42,587.49 BTC, worth $2.8 billion, to an unknown wallet. Bitstamp also received 2,238.87 BTC, valued at around $150 million, from Mt. Gox around 6:30 a.m. UTC. Given these transfers, Bitstamp users might receive their payouts within 7-14 days.
Bitstamp’s Assurance and Mt. Gox’s Ongoing Process
Bitstamp had assured its users that it would distribute the Bitcoin promptly upon receipt. Mt. Gox is still in the process of allocating Bitcoin and Bitcoin Cash to selected cryptocurrency exchanges. For those who have received their assets from Kraken, no significant offloads have been observed, suggesting that recipients are holding onto their Bitcoin.
Jan3 CEO and prominent Bitcoin advocate Samson Mow speculated that only about 20% of the Mt. Gox Bitcoin distribution would be sold on the market. He believes the remaining 80% will be moved to cold storage, with some creditors possibly using their holdings as collateral. According to Mow, the fate of Bitcoin Cash is to be sold in the market.
Also Read: Kraken Begins Distribution of Mt. Gox Funds to Creditors
Market Stability and Creditor Sentiment
A Reddit poll revealed that 55% of Mt. Gox creditors do not plan to sell their Bitcoin after receiving repayment. Specifically, 260 out of 467 participants indicated they would hold onto their funds, potentially stabilizing the market.
The successful distribution of Bitcoin to Kraken users marks a significant step forward in the Mt. Gox saga. While Bitstamp users continue to wait, the process is progressing smoothly, bringing hope to all Mt. Gox creditors who have patiently awaited their funds.
The long-awaited Bitcoin payouts from Mt. Gox have finally started, with Kraken users receiving their funds. As Bitstamp prepares to distribute its Bitcoin, the market watches closely. The overall sentiment among creditors suggests that many will hold their assets, potentially leading to market stability.
