On Wednesday, February 17, the Kraken exchange reported that it has made good progress on the claims of creditors of the collapsed MtGox exchange in 2014. On Wednesday, February 17, the Kraken Exchange reported good progress on the claims of creditors of the collapsed 2014 MtGox exchange. Kraken Exchange was appointed in November 2014 to assist the Tokyo court-appointed trustee, Nobuaki Kobayashi, in the bankruptcy proceedings for the MtGox exchange and the missing Bitcoins. "Although the investigation into MtGox's claims is still ongoing, we have made significant progress for creditors," Kobayashi said. The Kraken exchange is assisting MtGox creditors with the collection and distribution of claims to the remaining assets. According to a report released by Kobayashi, 24733 people from around the world have filed claims against the bankrupt exchange. 9863 claims relate to Bitcoin deposits that were lost when the exchange collapsed in 2014. 7852 claims have already been approved, amounting to 12.6 billion yen, or about $110 million. An additional 1911 applications totaling about 27.5 billion yen - $241 million - are pending approval. Bitcoins were valued at their price on April 23, 2014 - $483. "Further progress in the MtGox bankruptcy proceedings will have a positive impact on the Bitcoin community worldwide. Kraken is proud to make its resources and expertise available to attempt to minimize harm to creditors, restore faith in the Bitcoin community and identify a trusted leader in the industry." Said Kraken CEO Jesse Powell, who added in an interview with the site that this is very positive news for creditors, but many factors including the outcome of the police investigation, civil lawsuits involving MtGox, will affect the final decision on when creditors can actually receive funds. "Unfortunately it's more 'we'll wait and see. The trustee obviously has many more claims to review," Powell said The total amount of all bankruptcy claims involving bitcoin and other currencies reaches about 2.7 trillion yen ($2.3 billion). The trustee currently holds 202,163,41191816 BTC, worth more than $84 million or just 3.6% of the claim amount (which may likely be inflated). The MtGox exchange began having problems with withdrawals in late January 2014, with all withdrawals suspended on February 7 and deposits stopped being accepted on February 15. Trading on the exchange was suspended after the news on the night of February 24/25, 2014, when a draft strategy was leaked to the internet, according to which the exchange was going to lose 750000 Bitcoins. Shortly thereafter, the exchange was offline and filed for bankruptcy and protection from creditors in a Tokyo court on February 28. Tags bitcoin btc Japan Kraken Mark Karpeles mt.gox mtgox
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