Although US politics will remain a talking point on Monday, investors should consider Mt. Gox-related news. This week, Kraken could begin funding
Mt. Gox creditors are set to receive 48,641 BTC from the collapsed crypto exchange.
This follows Mt. Gox transmitting the BTC to Kraken on July 16. Kraken confirmed receipt and said it would begin crediting creditors’ wallets in 7-14 days.
Importantly, the BTC was part of the 141,686 BTC that remained with Mt. Gox after repaying creditors in 2023.
Now, the remaining BTC will be returned to creditors who opted for a lump-sum payout in BTC. Creditors who chose other payout options will receive their funds later.
Moreover, Mt. Gox’s trustee previously stated that creditors would receive 90% of the remaining BTC, while the trustee would receive the remaining 10%.
However, the trustee later decided to forgo his 10% share, resulting in creditors receiving the full 48,641 BTC.
As a reminder, Mt. Gox collapsed in February 2024, when BTC had a price of around $536.
At the time of writing, BTC trades at $64,233, and many of the Mt. Gox creditors are expected to sell their BTC and lock in substantial profits.
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