Kraken to honor Mt. Gox bitcoin claims

[yellowpage09]

Kraken, a San Francisco-based bitcoin exchange, has agreed to be a trustee and help the victims of the collapse. It's been more than a year that reported a loss of 850k BTC due to theft, fraud, negligence and mismanagement. The creditors of will be required to create Kraken accounts for distribution of bitcoin by the trustee.

"We see our involvement in this process as an opportunity to restore faith in the community by showing what we need more of in the Bitcoin space - trusted leadership," said Kraken CEO Jesse Powell. "We're dedicated to delivering an exceptional experience. What is that? It's fast execution and reliable service - all done over a secure platform. Whether you're a long-standing client or trying us for the first time, we're committed to putting your best interests first. That's our philosophy. It's simple. Put people first."

At present, the exchange is accepting claims up to $1 Million in free trade volume per creditor as a bonus for claiming funds through it, irrespective of location. 

"Thanks to Kraken, filing of claims can be done through their system," said the MtGox trustee. "We expect this to enable smooth filing of bankruptcy claims and distributions."

(Source: http://fxwire.pro/Kraken-to-honor-Mt-Gox-bitcoin-claims-28640)

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[AT101ET]

I may have missed something, but why are Kraken doing this exactly?

[Lauda]

I wonder what the secret reason for this is? You don't usually see someone giving back millions from their own money, millions that someone else stole.
Let's see how this turns out, maybe Kraken is really just run by a 'good guy'.
However someone needs to put Karpeles in prison. I'm pretty sure that a lot of people would be happy even without their money (many have probably accepted that it is gone).

[AtheistAKASaneBrain]

I wonder what the secret reason for this is? You don't usually see someone giving back millions from their own money, millions that someone else stole.
Let's see how this turns out, maybe Kraken is really just run by a 'good guy'.
However someone needs to put Karpeles in prison. I'm pretty sure that a lot of people would be happy even without their money (many have probably accepted that it is gone).

I still don't get how Karpeles got away with it without any consequences. And about Kraken being the good guy I don't think so. It's a business after all which means they are surely getting some sort of profit by doing that. I actually remember reading some dodgy shit about Kraken but I can't remember what It was. I think I saw it on Reddit.

[WhatTheGox]

I may have missed something, but why are Kraken doing this exactly?

Promotion would be number 1 reason it seems.  Most of the time trading companies are just looking to get people through the door for 5 minutes and process a trade or 2.  If 10% of people come back to trade again that is huge for kraken.

[bennybong]

Logged in to mtgox to start filing my claim. Changed password, forgot password. Damn.

What do I do now? File my claim offline?

[ashour]

I wonder what the secret reason for this is? You don't usually see someone giving back millions from their own money, millions that someone else stole.
Let's see how this turns out, maybe Kraken is really just run by a 'good guy'.
However someone needs to put Karpeles in prison. I'm pretty sure that a lot of people would be happy even without their money (many have probably accepted that it is gone).

I still don't get how Karpeles got away with it without any consequences. And about Kraken being the good guy I don't think so. It's a business after all which means they are surely getting some sort of profit by doing that. I actually remember reading some dodgy shit about Kraken but I can't remember what It was. I think I saw it on Reddit.

This probably is a PR marketing action by Kraken.  More users will trust them because they are the good guys who try to give the users their bitcoin from mt.gox, but hey probably have an other plan in their minds.

[xDan]

I may have missed something, but why are Kraken doing this exactly?

You haven't missed anything, they aren't doing it, at least not honouring entire claims. Title is misleading.

What they are doing, is handling reimbursement of the 200K BTC that was "found". I.e. users may get back ~20% of their funds.

[Remember remember the 5th of November]

So, I am not sure what % people will get back, but I assume that we will have a lot of selling of those recovered BTCs.

[WhatTheGox]

Logged in to mtgox to start filing my claim. Changed password, forgot password. Damn.

What do I do now? File my claim offline?

Can i ask what is making you to decide to do the claim direct on mtgox website and not kraken?

[Lauda]

I still don't get how Karpeles got away with it without any consequences. And about Kraken being the good guy I don't think so. It's a business after all which means they are surely getting some sort of profit by doing that. I actually remember reading some dodgy shit about Kraken but I can't remember what It was. I think I saw it on Reddit.

This probably is a PR marketing action by Kraken.  More users will trust them because they are the good guys who try to give the users their bitcoin from mt.gox, but hey probably have an other plan in their minds.

Well we can assume that. They're most likely not that good. I mean who gives such a huge amount of money away? As previously stated it should be of more importance of getting Karpeles what he deserves, not reimbursing people.

So, I am not sure what % people will get back, but I assume that we will have a lot of selling of those recovered BTCs.

Not necessarily, but it is possible. They could sell but would lose a lot of the potential value.

[visual111]

I may have missed something, but why are Kraken doing this exactly?

Promotion would be number 1 reason it seems.  Most of the time trading companies are just looking to get people through the door for 5 minutes and process a trade or 2.  If 10% of people come back to trade again that is huge for kraken.

Doesn't seem like they would net a profit by doing this, but maybe they get more traffic than I think

[xDan]

OP article is nonsense guys...

Read this:
https://www.reddit.com/user/jespow
https://www.reddit.com/r/Bitcoin/comments/33fs3u/kraken_accepting_mtgox_creditor_claims_and/

If you've read the recent Wizsec report on the missing coin, you probably would not expect to receive any more than 20% back.

[WhatTheGox]

So, I am not sure what % people will get back, but I assume that we will have a lot of selling of those recovered BTCs.

I know i wont be, think im something like $10k down if i sold, i will hold for a long time, im waiting out for many thousands on the bitcoin tbh, current prices are waste of time.

[Beliathon]

I may have missed something, but why are Kraken doing this exactly?

You haven't missed anything, they aren't doing it, at least not honouring entire claims. Title is misleading.

What they are doing, is handling reimbursement of the 200K BTC that was "found". I.e. users may get back ~20% of their funds.

This is accurate

[bitcool]

I may have missed something, but why are Kraken doing this exactly?

You haven't missed anything, they aren't doing it, at least not honouring entire claims. Title is misleading.

What they are doing, is handling reimbursement of the 200K BTC that was "found". I.e. users may get back ~20% of their funds.

Even they are only handling the distribution of "found" coins, that still requires investing certain amount of resources and efforts. I applause some one is taking up this responsibility.

[WhatTheGox]

I may have missed something, but why are Kraken doing this exactly?

Promotion would be number 1 reason it seems.  Most of the time trading companies are just looking to get people through the door for 5 minutes and process a trade or 2.  If 10% of people come back to trade again that is huge for kraken.

Doesn't seem like they would net a profit by doing this, but maybe they get more traffic than I think

Everyone used to trade on gox, out of the guys who were smart enough to get out in time(not me) many of them still seem to have some coin left in gox when it went down.  The higher price trapped people.

[Remember remember the 5th of November]

So, I am not sure what % people will get back, but I assume that we will have a lot of selling of those recovered BTCs.

I know i wont be, think im something like $10k down if i sold, i will hold for a long time, im waiting out for many thousands on the bitcoin tbh, current prices are waste of time.

Good for you, but I meant that there are likely people who lost too much because of mtgox and may have various debts/loans they need to repay, or simply bad financial situation due to gox.

[Amph]

there is already a topic that is discussing this(actually two or more) why you opened another?

https://bitcointalk.org/index.php?topic=1034486.0

https://bitcointalk.org/index.php?topic=1034438.0

[alani123]

I wonder what the secret reason for this is? You don't usually see someone giving back millions from their own money, millions that someone else stole.
Let's see how this turns out, maybe Kraken is really just run by a 'good guy'.
However someone needs to put Karpeles in prison. I'm pretty sure that a lot of people would be happy even without their money (many have probably accepted that it is gone).

I still don't get how Karpeles got away with it without any consequences. And about Kraken being the good guy I don't think so. It's a business after all which means they are surely getting some sort of profit by doing that. I actually remember reading some dodgy shit about Kraken but I can't remember what It was. I think I saw it on Reddit.

Mark was working with the authorities in Japan from day one. He didn't step foot on US soil because he knew it would end up badly. Thankfully for him most of Mt Gox's clients were from western countries so not many people in Japan would go looking for him. If the local authorities had somehow confirmed that he wasn't committing any crimes and he was cooperating with them I can't see why they'd want to put him in jail. We don't even know if he'll go to trial actually.