Topic: Kraken Accepting MtGox Bankruptcy Claims - page 3. (Read 8306 times)

I'm checking to see if we can offer any suggestions. If you are a Kraken client I also recommend creating a support ticket to connect with our support team directly for the fastest service. You of course always have the option to go with the offline paper filing if the online system doesn't work, but hopefully you can find a solution and avoid that.

Thanks for taking time to address these questions.  So to clarifiy there is no "better" strategy for people when making a claim whether that be fiat or BTC? or is that uncertain? because if you held BTC in gox when it went down and you pick to get paid in fiat there is a small chance your BTC share couldbe treated as a higher $ value vs current market value and you can gain an advantage vs other claims on the total assets?

Hi, is any one having problems with the log in system at MtGox?

Here is what happened to me. I started the claiming process, went through the enter password and changing the password and got to the fill out form. Unfortunately I wasn't sure what amount I had to put in the claim, so I got this information a couple hours later when I got back home.

Unfortunately I was logged out automatically (due to being in active for longer period of time) and can now no longer log in, neither with my old password, nor with the new one.

Am I the only one? Any suggestions here what I could do about it?

Thanks for clarification and helping to take care of this mess.

Hi All,

I work for Kraken (one thing I do is manage our thread here on bitcointalk - https://bitcointalksearch.org/topic/ann-krakencom-exchange-with-usd-eur-gbp-jpy-cad-btc-ltc-xrp-nmc-xdg-str-eth-290799). I want to address a few questions that have come up in this thread. If I don't cover a question you have, please feel free to ask me. Disclaimer: Kraken is only assisting the MtGox trustee and doesn't speak for the trustee, so nothing said here can be understood as a promise or guarantee about how the claims process will actually work.

How much of my money can I expect to get back?
This is simply an unknown at this point. According to an analysis done by WizSec (here: http://blog.wizsec.jp/2015/04/the-missing-mtgox-bitcoins.html), there may be a little over 20% of the expected BTC balance left (about 200,000 out of 950,000 expected BTC). Even if this analysis is fairly accurate (and it may not be), other unknown factors will impact what you get back, including what % of fiat balances remain and what % of remaining assets go unclaimed.

What about the 483 USD exchange rate?
This exchange rate does NOT mean that you will get 483 USD for your remaining bitcoins if you request payout in fiat. The amounts you enter for various currencies in the claim form are being converted into Japanese yen on the form. The exchange rate in the case of BTC is 50,058.12 yen. The exchange rates being used for all currencies are the rates on the day before the start of bankruptcy proceedings (April 23, 2014 Japan time) and at that time 50,058.12 yen was equivalent to 483 USD. For details, see "FAQs Regarding Filing, Etc. Bankruptcy Claims by MTGOX Bitcoin Exchange Users" (pp. 10-11) at https://www.mtgox.com/.

So, if you claim 1 BTC this will be converted to JPY 50,058.12 on the form. These are just conversion rates for the form and don't imply that any currencies will actually be converted at the given rates or that you will somehow get a distribution in JPY using those rates. It's natural to think that the rates will also serve to help determine your pro rata share of the remaining assets, but this isn't certain either.

Advantages to filing through Kraken?
In many ways using Kraken is the same process. You fill out the same form and your share of the remaining funds will be determined in the same way. However, here are some of the advantages to filing with Kraken:

• We're offering 1,000 USD worth of free trade fee credits as an incentive for those interested in trading with us. You get the credits after you complete the form and they are good until one month after distributions start to be paid out. See here for details: https://support.kraken.com/hc/en-us/articles/204802628
• Access to our great support. Providing world class service and support to our clients is a foundation of our business, so we take it very seriously.
• If you want to get your payout in the form of bitcoin, it will be easier to file the claim with Kraken because if any bitcoin are distributed, the distribution will be done through Kraken (but it still hasn't been determined if any bitcoin will be distributed).

If that doesn't clarify the difference in using Kraken, let me know and I'll say more.

I doubt gox holders are that concerned about rushing to cash in their 20% of bitcoin are they? they've already been holding down from like $800- $900 appart from those who were trading in and out of that madness when the exchange shut withdraws.  Im guessing like 10-15% are cashing in for good now.

it would be a bad decision, only if they pay you really slow, so slow that the price of btc skyrocket, and you don't have time to buy it now that is cheap enough, to be honest it seems very unlikely to happen

btw your payment should be instant, i don't remember that you need to wait much time for retrieve your money, in the e-mail that they sent to me

I think right now no one knows for sure how much and which currency there exactly is. I'm sure Mtgox also had at least some fiat in their bank accounts. Maybe they also pay some in fiat, and some in Bitcoin. We will see.


It's a bet. You decide now what you prefer, but you don't know the actual course when the payout is. If you choose fiat, and Bitcoin goes back to $1000 in the next months, it's a bad decision. If the course stays the same as today, it's of course better to choose fiat.

A big Kraken fan and user for quite some time. They are seizing the opportunity and again demonstrating how involved and serious they are as an exchange. After the Goxing they were the first to prove reserve of user funds (maybe second, after btcchina?) ... I hope this process goes as smoothly as possible for everyone involved. That could be a really good thing for Bitcoin.

you know what this mean right? that i can purchase bitcoin with that amount, and having more than what i would have if i'd cashed out in bitcoin from kraken

because 80 usd are more than 0.2(around 0.35)

They will also have to auction the coins to get the fiat. + six months/a year?

& If they send you a cheque for Yen you are going to get hit with bank conversion charges, or at least i know i will so direct bitcoin is best for me provided all options pay equal.

That can't be true for the obvious reason, that they just don't have the money to pay out in USD(I think, they pay in Yen anyways). They have 200k Bitcoin. So, if they want to pay in USD, they have to convert the BTC to USD, which will most likely be less than the price at the time of the bankruptcy filling.

As far as I understood, first they need to determine how much is left.
Now, let's assume that 20% can be recovered.
If you had 1 BTC and chose BTC for payout, you will get 0.2 BTC to your kraken account.
If you had 1 BTC and chose $ for payout, you will get ~80 $ to your bank account (BTC/$ rate at time of bankrupt claim).
Maybe, and this is also not sure right now, they will only refund in BTC, or only in fiat. Then, your preferred choice will be ignored and you get your funds in the currency as they decided.

lol yeah im with ya, would be nice if the kraken CEO could answer or if they have already perhaps someone can link via reddit regarding this?

I still don't really get the payout options.
So, if I tell them to pay me in BTC, do I get just the BTC(a fraction of it) I had on my account or to I get what they say to pay me(price from shortly after the bankruptcy filling) converted in BTC at the price of the day, I get the payout?
Second option wouldn't make much sense, if they did not already convert the BTC, they found(which they didn't do, as far as I know).

If I tell them to pay me in cash, it's the same basic question: What do I get? They would have to sell the 200k BTC at a most probably lower price, then they list in the claim.
And if I want cash, how exactly do I get this money?

Yeah thats what i was thinking i cant seem to find any angle where another goxxing could happen, this time it would be in broad daylight.  Think if the japanese appointed trading platform doesnt payout it would be a good time to launch hiroshima coin.

If they have been appointed by a Japanese court, they must be pretty legit!  A court couldn't appoint someone who then rips off the customers who need to be re-imbursed as far as is possible.
The claim system worked fine for me, all buttons worked in google chrome on windows.

I will wait, but not with baited breath for when a refund happens.  I will be interested to see what form it is in, I didn't have a lot of money in my account, I would probably lose a good % if they send me a yen denominated cheque!

I use kraken to trade Bitcoins for some time now and personally, I do trust them. There's really no reason to believe otherwise. Even if kraken stops doing business, it doesn't mean the mtgox case vanishes. Why? The case is still dealt with by Japanese authorities. Kraken is just like a service partner, consultant, whatever.
Actually, I'm glad that there's an established company who takes care of it. They might take their cut, or they do this for marketing reason, I don't know, and I don't care.
For me it just makes the whole process so much easier. It took me 5 minutes to fill out the form. Submit button worked fine for me.
Now, I only need to wait for an email from kraken. Or a bank/bitcoin transaction.
I don't have to check some announcements everyday and be worried about missing some deadline. I also don't need to get in touch with some Japanese authorities or whomever if kraken didn't take care of it. Until then, thanks kraken.

In a sense even the leveraged users who were up to 10 to 1 on a gox coin are at a loss fiat wise
That said I was not keeping track on how they are paying this out if it was in Bitcoins then a gain was held still a terrible deal for most holders at least they got something back though.