Kraken Distributes Bitcoin and Bitcoin Cash to Clients Impacted by the Mt. Gox Hack

Kraken's CEO, Dave Ripley, stated, “It has been almost ten years since Kraken was chosen by the Trustee to aid in the investigation and return of client funds.

Ten years after the infamous Mt. Gox hack, Kraken has finally begun distributing Bitcoin and Bitcoin Cash to affected clients.

According to a statement from Kraken’s CEO, Dave Ripley, the exchange was selected by the Trustee nearly a decade ago to assist in the investigation and return of client funds. Ripley expressed gratitude for the opportunity to contribute to this important endeavor.

While the precise amount being returned to Mt. Gox customers remains undisclosed, Kraken did not immediately respond to requests for further details regarding the distribution.

This development marks a significant step in closing one of the final chapters of the long-running Mt. Gox saga, which has been in the resolution process for several years.

Kraken was one of five entities designated to help return funds to some of the 127,000 creditors affected by the 2014 collapse. These creditors are still awaiting over $7 billion in Bitcoin, Bitcoin Cash, and cash from various mediators involved in the restitution process.

Other crypto exchanges tasked with returning funds to former Mt. Gox customers include Bitstamp, SBI VC Trade, Bitbank, and Coincheck. The timeline for these exchanges to distribute funds is still unclear, and they did not respond to requests for comment.

Meanwhile, blockchain analytics firm Arkham Intelligence has reported that Mt. Gox has begun transferring $2.85 billion worth of Bitcoin to new wallets, with $340 million directed to four addresses owned by Bitstamp.

According to Arkham, the Mt. Gox estate still holds approximately 85,234 BTC, currently valued at $5.7 billion.

Despite some customers now receiving their Bitcoin, only 140,000 of the 850,000 stolen digital assets were recovered by Japanese law enforcement for repayment to creditors.

A rehabilitation plan approved in 2021 aims to compensate about 90% of the assets owed to affected customers.

Mt. Gox, once the largest cryptocurrency exchange in the world, handled over 70% of all Bitcoin transactions. It filed for bankruptcy in February 2014 after hackers stole 850,000 Bitcoin, now valued at $56 billion.

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