Mt. Gox Creditors Start Accepting Bitcoin and Bitcoin Cash Via Kraken

Bittime - Creditors Mt. Gox eventually started accepting compensation in the form of Bitcoin and Bitcoin Cash via the Kraken exchange. This good news comes after a long process since the bankruptcy of Mt. Gox a few years ago.

Bankruptcy of Mt. Gox

Mt. Gox, which at one time was one of the world's largest crypto exchanges, went bankrupt in 2014 after losing around 850,000 Bitcoins to a hacker attack. 

This bankruptcy resulted in huge losses for its users and shocked the entire crypto industry. Since then, creditors of Mt. Gox had hoped to recover some of their lost funds.

Creditor Compensation Payment Process Mt. Gox

After several years of waiting, Mt. Gox creditor has begun receiving compensation through Kraken after the exchange received 48,641 Bitcoins (worth more than $3 billion) from the bankruptcy administrator of Mt. Gox on July 16th. 

This payment is part of rehabilitation efforts to recover some of the losses experienced by creditors. Sending funds to creditors is carried out via Kraken, which is expected to complete the distribution process within one to two weeks. 

Additionally, according to crypto tracking company Arkham, Mt. Gox has also moved 42,587.49 Bitcoins (approximately $2.8 billion) to new addresses as part of this distribution process.

Impact on Crypto Markets

This news was welcomed by creditors who have been waiting years to get their funds back. Creditors can take comfort in getting some of the compensation they have long awaited. This process also shows progress in rehabilitation and fund recovery efforts in the crypto industry.

Meanwhile, distribution of large amounts of Bitcoin is also possible to influence the crypto market. With over $3 billion in Bitcoin released into the market, there is the possibility of significant price fluctuations. However, until now, the direct impact of this distribution on Bitcoin prices remains to be observed further.

How to Buy Crypto with Bittime

You can buy and sell crypto assets in an easy and safe way through Bittime. over is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

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