Kraken cryptocurrency exchange has announced that it has successfully distributed Bitcoin and Bitcoin Cash to customers affected by the Japanese exchange, Mt. Gox hack that happened nearly ten years ago.
Dave Ripley, CEO of Kraken, said on social media platform X, “It’s been nearly a decade since Kraken was selected by the Trustee to facilitate the investigation and return of client funds. It was our privilege and it was our duty.”
This event is a crucial development in the Mt. Gox saga, which began in 2014 when the then-largest Bitcoin exchange collapsed after losing 850,000 Bitcoin to hackers. At current market rates, this stolen Bitcoin would be worth about $56 billion.
Kraken was one of five exchanges chosen to help return funds to approximately 127,000 people impacted by Mt. Gox’s collapse. The total amount owed to former Mt. Gox customers is estimated at over $7 billion in various forms of cryptocurrency and cash.
Other exchanges involved in returning funds include Bitstamp, SBI VC Trade, Bitbank, and Coincheck.
Recent data from blockchain analysis firm Arkham Intelligence shows that Mt. Gox has started moving $2.85 billion worth of Bitcoin to new digital wallets. Of this amount, $340 million has reportedly been sent to addresses linked to Bitstamp. The Mt. Gox estate still holds about 85,234 Bitcoin, worth approximately $5.7 billion.
A rehabilitation plan approved in 2021 aims to repay affected customers about 90% of what they are owed.
Also Read: Kraken Expands Crypto Custody Services to UK and Australia
