Kraken has begun distributing refunds to former clients of the Japanese exchange that failed in 2014.
On July 23, Dave Ripley, CEO of Kraken, announced that the exchange has completed the distribution of Bitcoin and Bitcoin Cash refunds to Mt. Gox creditors. Alongside Kraken, other exchanges such as Bitstamp, SBI VC Trade, Bitbank, and Coincheck were selected to facilitate refunds for the approximately 127,000 affected customers. The total amount owed to creditors exceeds $7 billion.
Dave Ripley stated:
“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.”
The on-chain analysis firm Arkham Intelligence reported movements worth $2.85 billion to new addresses by Mt. Gox, including the transfer of $340 million sent to addresses linked to Bitstamp. The bankruptcy trustee of the Japanese exchange still holds 85,234 bitcoins.
While Kraken clients have already received their refunds, Bitstamp users are waiting for the completion of fund transfers to the exchange.
