Kraken has finished distributing funds to Mt. Gox creditors, but the expected selling pressure on Bitcoin hasn’t occurred.
Crypto exchange Kraken has completed the distribution of all Bitcoin (BTC) and Bitcoin Cash (BCH) owed to Mt. Gox creditors. This was confirmed by Kraken’s CEO, Dave Ripley, in a July 24 post on X:
“Krakenfx has successfully distributed #Bitcoin and Bitcoin Cash from the Mt. Gox 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.”
There were concerns among crypto investors that most of the creditors would sell their Bitcoin, potentially causing a significant price drop. However, these fears have not been realized.
Over $9.4 billion worth of Bitcoin is owed to around 127,000 Mt. Gox creditors, who have been waiting for more than 10 years to recover their funds. Despite preliminary worries, the majority of creditors seem to be holding onto their Bitcoin rather than selling it.
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