The bankruptcy trustee for MtGox, Nobuaki Kobayashi, has announced today future collaboration with Kraken for the distribution of remaining MtGox bitcoins to creditors.
750,000 customer-owned coins, in addition to 100,000 owned by the exchange, went missing earlier this year. MtGox subsequently discovered 200,000 coins, insufficient to cover liabilities, and they filed for bankruptcy. During the ongoing proceedings, there have been various proposals exploring possible revival options and how the coins should be allocated. A proposal by Sunlot Holdings was reported in the article to have fallen apart.
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Kraken would be the chosen venue for redistributing the coins, according to the report. Kraken has already made some inroads into the Japanese market, looking to the fill the void left by MtGox. The choice for Kraken is reportedly based on its stable exchange operations and good standing with regulators. Kraken may require creditors to open an account with the exchange as part of their reimbursement.
Of note is that Kraken would return the bitcoins as bitcoins. Previous proposals mentioning their return as fiat caused angst among some creditors, who feared how prices will be impacted during their conversion.
There was also mention of Kraken taking part in the ongoing investigation for the missing coins, which has made little progress thus far. The likelihood of discovering the coins’ location is uncertain, and the enforcement of their safe return is practically impossible.