Kraken To Assist Mtgox Investigation

Karpeles proved contentious during the creditors meeting, refusing to answer questions and disputing the amounts he claimed to have loaned the company, according to a blog post from Kolin Burgess. Burgess, a protestor who flew from the UK to Tokyo in February to confront Karpeles, became synonymous with Mt Gox's collapse.

Jesse Powell, Kraken's CEO, announced the arrangement at a press conference preceding the second Mt Gox creditors meeting. After Mt Gox's 2011 hack, Powell assisted the exchange. He expressed his feelings about the role, saying he was "very humbled for the opportunity to help the community like this."

Kraken published a blog post detailing its responsibilities. The duties include aiding the investigation into lost or stolen Bitcoin, creating a system for filing and investigating claims, distributing Bitcoin and fiat assets to creditors, and converting Bitcoin to fiat currency as needed. Creditors must register with Kraken and complete account verification at https://www.kraken.com/signup.

Powell had no interest in reviving Mt Gox. The exchange, once a leader in the Bitcoin space, had nothing left of value. Powell broke down his position in detail: "There's no code base of any value; the database can't be re-used. The customer database is of dubious value. The reputation is severely damaged. It's become a verb – to be 'Goxed' means to be screwed. The brand name is synonymous with fail."