Mt. Gox Sends 48,641 BTC Worth $3.1B to Kraken, Promises Repayment Within 7-14 Days

Kraken crypto exchange is said to have received 48,641 worth of Bitcoin (BTC) from the defunct Mt. Gox exchange. This update from Arkham Intelligence comes only hours after the defunct exchange transferred huge chunks of Bitcoin to an internal wallet.

Kraken crypto exchange has received 48,641 BTC ($3.1B) from Mt. Gox, according to Arkham. This development comes after the defunct exchange moved large sums of Bitcoin to an internal wallet earlier today.

As one of the exchanges chosen by Mt. Gox to help distribute BTC to creditors, a wallet address linked to Kraken received the funds, according to Arkham, an on-chain crypto data platform.

“3JQieEzccKjFS34oW8KZSGBDndiH1YyFrE is most likely associated with Kraken, one of the exchanges involved in repaying Mt. Gox creditors,” stated the platform in a tweet.

“This address received 48,641 BTC ($3.10B) from Mt. Gox this morning, which remains unspent. The exchange last reported having a balance of 210,000 BTC in 2014.”

Kraken has confirmed receiving the Bitcoin from Mt. Gox and will begin repaying creditors within 7 to 14 days, according to an update from the exchange. Creditors will only receive amounts specified by the Mt. Gox trustees and will be distributed according to their instructions, Kraken stated.

As reported earlier today, Mt. Gox moved $2.4 billion in BTC to an undisclosed wallet address, sparking speculation about the anticipated reimbursement process.

However, according to Arkham's latest update, $2.74 billion in BTC that was transferred today remains in the possession of Mt. Gox. The defunct exchange filed for bankruptcy in 2014 following a massive hack that resulted in the loss of approximately 850,000 BTC.

As a result, Kraken's receipt of funds provides solace to Mt. Gox creditors who have endured nearly a decade of waiting for recovery.

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