Mt.Gox transfer to Kraken via Utah raises eyebrows

03/06/2023 13:02 • Blockchain Briefs • 133 views

12:00-21:00 Key words: Mt.Gox, Do Kwon, Kraken, Utah

Overview of important developments in the evening of March 6

Analysis based on this information:

Mt. Gox was once the biggest Bitcoin exchange in the world until it filed for bankruptcy in 2014, claiming it lost 850,000 bitcoins amounting to $460 million at the time. After nearly seven years of bankruptcy proceedings, it seems Mt. Gox trustees are transferring some of the remaining assets to Kraken, a cryptocurrency exchange based in the United States. However, the transfer route has raised eyebrows among the cryptocurrency community.

According to Do Kwon, co-founder of Terraform Labs, the transfer is being routed through a Utah-based firm called Sunlot Holdings before being transferred to Kraken. This has led many people to wonder why the transfer is taking such a circuitous route, especially since Sunlot Holdings is not a well-known name in the cryptocurrency space.

Some have speculated that the reason for the obscure transfer route could be due to the fear of drawing attention from the many Mt. Gox creditors still awaiting their owed funds. It’s not yet clear how much money is being transferred or what the precise purpose of the transfer is, but it’s safe to say that there’s a sense of unease among those with a vested interest in both Mt. Gox and Kraken.

Regardless of what the purpose of the transfer is, the cryptocurrency community has been quick to point out the irony of Mt. Gox’s creditors receiving their payout in Bitcoin through Kraken. Mt. Gox’s downfall was a significant factor in the Bitcoin community, negatively impacting its public image and spooking many investors.

Overall, the transfer of Mt. Gox assets through Sunlot Holdings has many cryptocurrency enthusiasts on edge, with many wondering if this transfer will spark the return of Mt. Gox, or if it will be the beginning of the end for the collapsed exchange.

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Mt.Gox transfer to Kraken via Utah raises eyebrows

Overview of important developments in the evening of March 6

Overview of important developments in the evening of March 6

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