Mt. Gox Creditors Hopeful to Recover Some Bitcoins

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Mt. Gox Creditors Hopeful to Recover Some Bitcoins

ForexMinute.com – Bankruptcy trustee Nobuaki Kobayashi recently submitted a report to the Tokyo District Court, in which he claimed to have recovered 202,149 Bitcoins that were lost during the Mt. Gox debacle.

The report also mentioned US-based exchange Kraken to have appointed as a “supporting company” following a legal procedure in Japan, known as “minji saisei” which allows courts to the buyer and creditors of the bankrupted company. It simply means that Kraken will now be facilitating creditors in recovering their investments, with an additional 202,149 Bitcoins that have been just recovered.

Mt. Gox, once the world’s leading Bitcoin exchange, originally lost around $250,000,000 worth of Bitcoin units in an online theft, followed by with 100,000 Bitcoins of its own. The exchange’s early creditors, since then, are fighting a legal battle against the CEO Mark Karpeles to recover their respective amounts.

To sum up, around 127,000 creditors are now hopeful to be repaid around 744,000 missing Bitcoins, some of which were found earlier this year from Mt. Gox cold wallets. “Provided the trustee decides to distribute Bitcoin, creditors may be asked to create a Kraken account, if they do not already have one, to establish a secure, efficient and cost-effective platform for the distribution,” Kraken said in a press statement today.

In the same statement, Kraken chief executive Jesse Powell displayed his concerns about the outcomes of the Mt. Gox bankruptcy proceeding which, in his words, will “deeply affect the Bitcoin community as a whole.”

We will keep you informed about the events related to this news in the future. Keep watching our space.

To contact the reporter of the story: Yashu Gola at yashu@forexminute.com