The Users who Lost Bitcoin at MtGox may now get the Back Thanks to Kraken


The Users who Lost Bitcoin at MtGox may now get the Back Thanks to Kraken

In a notice, MtGox says its customers who lost their Bitcoin may get their investments back. For the purpose it gives detailed procedure that the investors need to follow. This has been made possible with the support if Kraken Bitcoin exchange wherein the two organizations have created a system that will enable users to file, through a website, bankruptcy claims.

A lot of users, who lost their Bitcoin after MtGox collapsed a year or more ago, may now have hope that their investments will be given back to them. Taking with it 744,408 Bitcoins, which had been irretrievable henceforth, MtGox has been under the huge criticism. Whereas one section blames hackers, the other investigations claim it was an insider’s job.

Nonetheless, as MtGox has issued a notice to its customers that details the procedure for filing bankruptcy claims to the trustee, Attorney-at-Law Nobuaki Kobayashi, a ray of hope is being seen by the investors. The decision may have great positive outcomes for the Bitcoin ecosystem as it may restore confidence of those who doubt that their Bitcoin are unsafe with exchanges.

The notice says that in consideration of various factors, including the extremely large number of MTGOX Bitcoin exchange users located around the world, the bankruptcy trustee consulted with the Tokyo District Court with regard to the method of filing bankruptcy claims. This also seems to be a part of the plan as MtGox had promised to restore the investors’ confidence.

May 29, 2015 is the Last Date to File Bankruptcy

The Bitcoin exchange had then decided to volunteer resources and expertise in an attempt to minimize damage to creditors, restore faith in the Bitcoin community, and demonstrate trusted leadership in the industry. Nonetheless, Kraken assisted in the investigation of possible lost or stolen Bitcoin and took an active part in the creation of a system to file and investigate claims.

The announcement says that by using the newly proposed system, users throughout the world will be able to file Exchange-Related Bankruptcy Claims. The claims are in accordance with Japanese Bankruptcy Law and other laws and regulations. The users can participate in bankruptcy proceedings, easily without having to spend a lot of time and expense.

Nonetheless, the authorities aim to provide smooth filing of Exchange-Related Bankruptcy Claims by Users throughout the world. For the purpose they allow them use the online method and coordinate with the bankruptcy trustee. The period for filing bankruptcy claims, which was set by the Tokyo District Court, is until May 29, 2015.

To contact the reporter of this story: Deepak Tiwari at