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Kraken Announces 'Significant Progress' with Mt Gox Claims

Kraken Announces 'Significant Progress' with Mt Gox Claims

SAN FRANCISCO, CA – Kraken has announced significant progress in the Mt Gox liquidation. Back in November of 2014, the exchange began the process of assisting the Tokyo district court-assigned trustee in the case and has been handling the claims. Out of 9,863 persons who filed Bitcoin-only claims, 7,952 claimants have so far been approved.

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KrakenWhen the exchange offered to aid the bankruptcy liquidation process, managing director of Kraken’s Japanese operations, Ayako Miyaguchi, told reporters,”We hope to revive bitcoin’s reputation and create a healthy market for it, ultimately leading to profit for us.”

Today Kraken and the court trustee are pleased to announce those who filed claims can check the status by visiting the Mt Gox website. On February 17, the trustee and Kraken provided the public with the long-awaited information on the claims at the creditors meeting held in Tokyo. So far, ¥12,583,717,791 JPY in bitcoin has been approved to creditors, with ¥27,547,026,403 in bitcoin currently on hold. According to reports over 24,000 people filed bankruptcy requests in both Bitcoin and fiat currency losses. Trustee, Nobuaki Kobayashi, said of the announcement:

Although the investigation into Mt Gox claims is still ongoing, we have made significant progress for creditors.

Creditors who wish to receive a claim in bitcoin must register with Kraken, though there is no set date to when funds will be appropriated. Meanwhile, Kobayashi is currently working with Tokyo officials who are also investigating Mark Karpeles.

“Additionally, while Robert Marie Mark Karpeles, who is the representative director of the bankrupt entity, was arrested and prosecuted as stated below, following a request made by investigation agencies such as the Metropolitan Police Department to cooperate with their investigation,” added Kobayashi. “I have been providing and will continue to provide them with cooperation as much as possible. In connection with such police investigation, the careful treatment of information relating to the investigation is now needed.”

Jesse-Powell-880x400The exchange has helped Kobayashi with the review of the large amount of claims, the investigation, and is also handling the distribution of funds. Kraken CEO, Jesse Powell, said:

Continued progress in the Mt. Gox bankruptcy proceedings will have beneficial effects for the Bitcoin community globally. Kraken is proud to volunteer our resources and expertise in an attempt to minimize damage to creditors, restore faith in the Bitcoin community, and demonstrate trusted leadership in the industry. 

It appears that some creditors might finally get some of their lost bitcoin back. The Mt. Gox story is still far from over, however, and it will surely be a tale that the community and the world may never forget.

What do you think about the news of creditors getting Mt Gox funds back? Let us know in the comments below!


Images courtesy of Kraken’s blog, and Pixbay 

Tags in this story
Bankruptcy, Japan, Jesse Powell, Kraken, Mark Karpeles, Mt Gox, Nobuaki Kobayashi, Tokyo
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Jamie Redman

Jamie Redman is a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Redman has written thousands of articles for news.Bitcoin.com about the disruptive protocols emerging today.