After more than a decade of waiting, Mt. Gox creditors are expected to receive repayments of 142,000 BTC and 143,000 BCH by October this year. Today, according to an API screenshot shared by a Reddit user, it appears that Kraken is preparing for the payment of Mt. Gox. Creditors may soon receive repayments in BTC and BCH.
Mt. Gox, once the largest Bitcoin exchange in the world, was hacked in 2014, resulting in the theft of 850,000 Bitcoins (valued at approximately $460 million at the time). After 10 years, the compensation process is now accelerating, with a plan to pay creditors 142,000 BTC and 143,000 BCH by October this year.
In late April, it was reported that many creditors had already received cash repayments and provided evidence of upcoming Bitcoin repayments on Reddit.
Kraken’s BTC payment API is now available. Today, a Reddit user named BirdObjective2459 obtained an API response from a user in a legal group, suggesting that Kraken’s support for Bitcoin repayments may begin soon. The API response in the image shows the following:
BTC Allocation:
Creation Date: 2024-05-13
Remittance Service Provider: Kraken
Remittance Status: Preparing
Repayment Currency: BTC
BCH Allocation:
Creation Date: 2024-05-13
Remittance Service Provider: Kraken
Remittance Status: Preparing
Repayment Currency: BCH
If this API response is accurate, it indicates that Kraken is preparing for the payment, and creditors may soon receive repayments in BTC and BCH.
Could this lead to Bitcoin dumping? According to the latest data released by Mt. Gox, the Bitcoin balance in the liquidation trustee’s address is 137,890. It is also estimated that by October this year, Mt. Gox will pay creditors a total of nearly $9.5 billion worth of 142,000 BTC, approximately $73 million worth of 143,000 BCH, and 69 billion yen (approximately $510 million).
Although the compensation for Mt. Gox creditors varies significantly in terms of the coin base, receiving the repayment is undoubtedly good news. Moreover, Bitcoin’s price has increased by more than ten times in the past 10 years and is currently still above $62,000. Once over 140,000 BTC is returned to investors, it may cause short-term dumping in the market and bring volatility to Bitcoin. One Reddit user responded:
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