The wall street crash may have caused meltdown in the American economy, but the MtGox crash was great enough to cause the first major price crash in the Bitcoin economy. The loss of nearly a million bitcoins prompted bitcoin prices to spiral into free fall sending prices plunging to a mere $600, then further down to today’s levels of $360.
With the mess of the MtGox meltdown still having an impact on the bitcoin markets today, it has come as heart warming news that Kraken announced it will be probing the disaster, looking to recover lost funds.
Investigations Begin
Kraken has announced that it will be beginning its investigations shortly with many customers riddled with huge losses of a thousand bitcoins or more. Kraken has also recently launched its own exchange and has long been hailed as being both technologically advanced and bitcoin professionals.
With Kraken setting most of its resources aside to help with the ongoing investigation, the company has also been tipped as the next owners of MtGox as the court has also approved a buyout. A meeting with the creditors will reveal the future of the company and the future of the missing bitcoins as Kraken gets to work on aiding the recovery process.
Stolen Bitcoins
Kraken’s attempts at recovering the stolen bitcoins may have already found fruit as some creditors of the defunct exchange have reported seeing some Bitcoins in their wallets. However the hole MtGox has dug itself is destructive and the company has been in fierce legal battles with major creditors (for countless months).
The company has admitted to having flawed security measures in place, and has felt the full wrath of its bankruptcy trustee Kobayashi. Kobayashi has expressed how he wants to force Mark Karpeles via legal action to repay all of his loans taken out from MtGox which amounts to $1.1million.
- Follow Aleppo Allesadero on Twitter: @AleppoCF
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