Kraken making substantial progress on MtGox bitcoin case; Significant number of creditors catered

Kraken, one of the leading bitcoin exchanges, has announced on Wednesday the significant progress it has made regarding the investigation of the MtGox case. Accusations of mismanagement has opted authorities to look into the situation.

According to Econo Times, during 2010, MtGox is known as the leading bitcoin exchange authority which is based in Japan. It was catering to almost 70% of all bitcoin transactions by 2013. However, on February 2014, CEO Mark Karpeles has suspended all the transactions of the company due to a problem with their system and a crackdown in their software. He explained that due to this software malleability, it allowed outsiders to enter their system and  steal money from them. Since then, the company filed for bankruptcy as a form of protection against claims from their investors.

After the company's collapse, 744,400 BTC amounting to $340 million went missing. Speculations of an inside job surfaced, but Karpeles said that he already found 200,000 worth of coins in cold wallets later on.

Tokyo District Court Trustee Nobuaki Kobayashi, together with Kraken, spearheaded the investigation on the lost coins which started last November 2014. Leap Rate noted that Kraken's CEO Jesse Powell said they are making significant progress and promised to regain the image of the Bitcoin industry worldwide.  According to him,  7,952 out of the 9,863 claimants of the bitcoin has been approved while ¥12,583,717,791 in bitcoin has been approved to be returned to creditors, with ¥27,547,026,403 in bitcoin still on the process.

According to Reuters, as of the moment, there are 24,733 creditors who have already filed a complaint against MtGox that totals to around to ¥ 2,695,239,249,594. 

The Trustee is currently in possession of 202,163.41191816 bitcoin, currently worth over $84 million USD. Meanwhile, claimants who want to check on their claims are advied to visit the official website of MtGox .

Tags

MtGox bitcoin, MtGox bitcoin claims, MtGox bankruptcy, Kraken, Nobuaki Kobayashi, bitcoin industry, Japan bitcoin industry

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