Kraken Accepting MtGox Bankruptcy Claims

[Eastfist]

Kraken is out to steal your credentials and bitcoins. My understanding is they're just passing the funds back and forth between themselves. If you put money into Mt. Gox, you're most likely never going to see it again. Don't think Kraken will reimburse you for it. They say so right in their disclaimer.

[hmblm1245]

Kraken is out to steal your credentials and bitcoins. My understanding is they're just passing the funds back and forth between themselves. If you put money into Mt. Gox, you're most likely never going to see it again. Don't think Kraken will reimburse you for it. They say so right in their disclaimer.

Where are you getting this information?

My understanding is they're just passing the funds back and forth between themselves.

[Bagatell]

Where are you getting this information?

His arse. /ignored.

[Eastfist]

Where are you getting this information?

His arse. /ignored.

LOL. You're going to regret being ignorant.

[WhatTheGox]

Kraken is out to steal your credentials and bitcoins. My understanding is they're just passing the funds back and forth between themselves. If you put money into Mt. Gox, you're most likely never going to see it again. Don't think Kraken will reimburse you for it. They say so right in their disclaimer.

Without any source or logic of how you come to this conclusion its just 1 random guy on the internets crazy opinion which seems like a troll.  Please dont do that

[NUFCrichard]

So as of when can we make claims to get out bitcoin back?
It seems impossible that Kraken will be able to cover the full amount, as that would cost them 600,000BTC or $135million, but I would be pretty happy to get 25-50% back depending upon how much was recovered.

It still seems odd to me that 200k were found straight away, yet apparently nothing has been found since, but they still havent really showed where it went either.  This is exactly what the blockchain is for!

[WhatTheGox]

So as of when can we make claims to get out bitcoin back?
It seems impossible that Kraken will be able to cover the full amount, as that would cost them 600,000BTC or $135million, but I would be pretty happy to get 25-50% back depending upon how much was recovered.

It still seems odd to me that 200k were found straight away, yet apparently nothing has been found since, but they still havent really showed where it went either.  This is exactly what the blockchain is for!

Dude you aren't getting 25-50% as the kraken CEO has already pointed out, but yeah no idea why we cant know the full details at this point.  Apparently the hope of finding the other coins is almost zero so giving information to public now isn't going to hurt any investigation.

[NUFCrichard]

So as of when can we make claims to get out bitcoin back?
It seems impossible that Kraken will be able to cover the full amount, as that would cost them 600,000BTC or $135million, but I would be pretty happy to get 25-50% back depending upon how much was recovered.

It still seems odd to me that 200k were found straight away, yet apparently nothing has been found since, but they still havent really showed where it went either.  This is exactly what the blockchain is for!

Dude you aren't getting 25-50% as the kraken CEO has already pointed out, but yeah no idea why we cant know the full details at this point.  Apparently the hope of finding the other coins is almost zero so giving information to public now isn't going to hurt any investigation.

How do they justify not giving us at least 25%?  They recovered 25% of the bitcoins, surely they need to be given back to the people who actually owned them...

Otherwise the deal sounds like this - Kraken kindly accepts 200,000BTC from Gox, then offers to reimburse less than 200,000BTC to the customers, essentially stealing some of the customers coins, then they want us to be happy that they have restored faith in Bitcoin... not sure about that one.

[Amph]

So as of when can we make claims to get out bitcoin back?
It seems impossible that Kraken will be able to cover the full amount, as that would cost them 600,000BTC or $135million, but I would be pretty happy to get 25-50% back depending upon how much was recovered.

It still seems odd to me that 200k were found straight away, yet apparently nothing has been found since, but they still havent really showed where it went either.  This is exactly what the blockchain is for!

Dude you aren't getting 25-50% as the kraken CEO has already pointed out, but yeah no idea why we cant know the full details at this point.  Apparently the hope of finding the other coins is almost zero so giving information to public now isn't going to hurt any investigation.

How do they justify not giving us at least 25%?  They recovered 25% of the bitcoins, surely they need to be given back to the people who actually owned them...

Otherwise the deal sounds like this - Kraken kindly accepts 200,000BTC from Gox, then offers to reimburse less than 200,000BTC to the customers, essentially stealing some of the customers coins, then they want us to be happy that they have restored faith in Bitcoin... not sure about that one.

maybe they will use the rest for cover their offers about free fee ecc..., which still sounds unfair to be honest

[WhatTheGox]

So as of when can we make claims to get out bitcoin back?
It seems impossible that Kraken will be able to cover the full amount, as that would cost them 600,000BTC or $135million, but I would be pretty happy to get 25-50% back depending upon how much was recovered.

It still seems odd to me that 200k were found straight away, yet apparently nothing has been found since, but they still havent really showed where it went either.  This is exactly what the blockchain is for!

Dude you aren't getting 25-50% as the kraken CEO has already pointed out, but yeah no idea why we cant know the full details at this point.  Apparently the hope of finding the other coins is almost zero so giving information to public now isn't going to hurt any investigation.

How do they justify not giving us at least 25%?  They recovered 25% of the bitcoins, surely they need to be given back to the people who actually owned them...

Otherwise the deal sounds like this - Kraken kindly accepts 200,000BTC from Gox, then offers to reimburse less than 200,000BTC to the customers, essentially stealing some of the customers coins, then they want us to be happy that they have restored faith in Bitcoin... not sure about that one.

Dont know i always thought i would be getting around 25%.  Right now i would be worried i'd get something lame like 15%.  Much money has been wasted with all the time gone by, silly things like unnecessary mail drops cant help.  I figure they will be taking some % of the 200k?

[bryant.coleman]

Otherwise the deal sounds like this - Kraken kindly accepts 200,000BTC from Gox, then offers to reimburse less than 200,000BTC to the customers, essentially stealing some of the customers coins, then they want us to be happy that they have restored faith in Bitcoin... not sure about that one.

You should consider these facts as well:

1. Not all of the users might be alive now.
2. Among those users who are alive, not all of them will claim the lost coins.
3. Among the people who claim their loses, not everyone will be able to verify their accounts.

So by default, if Kraken promises to distribute the 200,000 BTC, they will be left with tens of thousands of coins.

[hmblm1245]

Maybe Kraken is trying to gain a large customer base. If all 100,000 creditors or even half setup accounts, that looks great for investors that may or may not know or care about how they got the new users.

[NUFCrichard]

Otherwise the deal sounds like this - Kraken kindly accepts 200,000BTC from Gox, then offers to reimburse less than 200,000BTC to the customers, essentially stealing some of the customers coins, then they want us to be happy that they have restored faith in Bitcoin... not sure about that one.

You should consider these facts as well:

1. Not all of the users might be alive now.
2. Among those users who are alive, not all of them will claim the lost coins.
3. Among the people who claim their loses, not everyone will be able to verify their accounts.

So by default, if Kraken promises to distribute the 200,000 BTC, they will be left with tens of thousands of coins.

They should set a deadline for claims, after that date they can see how many BTC are owed and divide the 200000 proportionally.
If only 200,000 are claimed, then all claims could be met in full, if less than 200k in claims are made, then they can make a nice profit out of it!

I don't understand how it would work with cash, but I said I would rather get a cash refund, at $470 a cash refund is much better than a bitcoin  refund at $230!

[ensurance982]

Kraken is out to steal your credentials and bitcoins. My understanding is they're just passing the funds back and forth between themselves. If you put money into Mt. Gox, you're most likely never going to see it again. Don't think Kraken will reimburse you for it. They say so right in their disclaimer.

That really doesn't make any sense, they are officially selected to perform this process and their name is also mentioned the official documents about the bankruptcy of Mt. Gox. I don't see any way in which they could disappear with the coins our cash in the money without relaying to you afterwards.

[Eastfist]

Kraken is out to steal your credentials and bitcoins. My understanding is they're just passing the funds back and forth between themselves. If you put money into Mt. Gox, you're most likely never going to see it again. Don't think Kraken will reimburse you for it. They say so right in their disclaimer.

That really doesn't make any sense, they are officially selected to perform this process and their name is also mentioned the official documents about the bankruptcy of Mt. Gox. I don't see any way in which they could disappear with the coins our cash in the money without relaying to you afterwards.

That sounds a little naive.

[minerpumpkin]

Having look at this for a day or so I can't seem to find any downsides to this. I believe this really facilitates the whole claim process for the average person. Many people will not be willing to put much effort into getting back their coins with chances all succeeding this slim. Anyone disagreeing?

[hmblm1245]

Having look at this for a day or so I can't seem to find any downsides to this. I believe this really facilitates the whole claim process for the average person. Many people will not be willing to put much effort into getting back their coins with chances all succeeding this slim. Anyone disagreeing?

I agree.

[H.W.Z]

Having look at this for a day or so I can't seem to find any downsides to this. I believe this really facilitates the whole claim process for the average person. Many people will not be willing to put much effort into getting back their coins with chances all succeeding this slim. Anyone disagreeing?

I don't think so! We lost money in Mt Gox. Now we have the chance to get back why not go there to claim back except that only a small amount is lost in there! So they don't bother to claim the money back. 

[WhatTheGox]

There is going to be a ton of coin left over from people not wanting to attach their names to get it for whatever reason.  Also some people might not claim for other reasons.  What happens to the unclaimed coin i wonder?

[Nagle]

You don't have to use Kraken. There are three options. listed at http://www.mtgox.com/img/pdf/201504_faq_en.pdf, which is operated by the bankruptcy trustee.

1. Use the bankruptcy trustee's online system.
2. File on paper with the Tokyo court, in Japanese.
3. Use the Kraken system.

Option 1 is probably the best. You get paid in yen. Debts denominated in Bitcoins will be converted to yen at the price of Bitcoin the day before the bankruptcy was filed, 1 Bitcoin = $483 = 50,058.12 yen.

That's the way bankruptcy works. Everything gets liquidated down to the local currency and creditors are paid from that. You don't want to be paid in Bitcoin anyway, since the price has crashed since the bankruptcy and is way below $483 now.