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BTC and other cryptocurrencies experienced fluctuations due to a decade-long fear erupting on the best days. If BTC had experienced this in November 2022, it would have likely dipped below $10,000. However, MtGox refunds are being issued during the market‘s peak days.
MtGox Latest Status
Kraken exchange announced after the daily candle close that refunds were being made. For the refunds expected to start in July, the MtGox trustee sent thousands of BTC to five selected exchanges. Those who completed their transactions on the exchanges and were waiting for refunds finally received their assets.
Kraken exchange was also one of the exchanges where refunds would be made. Investors who bought at prices like $200 ten years ago but lost access to their assets due to the exchange being hacked now have the opportunity to sell at $66,000.
On-chain data shows that not everyone is selling, and some are moving their assets to cold wallets. If we look at the bright side, some of the sales could return to crypto, especially altcoins, potentially triggering a significant rise. Moreover, FTX claims will soon start being refunded in cash, which will have the opposite effect of the MtGox event. This time, money will be pumped into exchanges instead of crypto.
Kraken Exchange’s Statement
About 12 hours ago, Kraken exchange CEO Dave Ripley announced that refunds had been made and shared the following photo of the founding CEO with the trustee from years ago.
“Kraken distributed Bitcoin and Bitcoin Cash assets to creditors. It has been almost ten years since Kraken was chosen by the trustee to facilitate the investigation and refund of customer funds. This was our privilege and duty.
While meaningless lawsuits delayed previous payments, we are extremely grateful to the trustee for keeping the funds safe and HODLing the vast majority of #BTC all this time. The preservation of value is exemplary and is certainly appreciated by all creditors.
These events remind us of our mission, our great responsibility to our customers, and pioneers like jespow who influenced the current state of the industry. We continue to adhere to our careful approach while guiding humanity towards a more financially free, secure, and inclusive world.”
