Finally, after a decade of waiting, creditors of the Mt. Gox 
Mt. Gox [email protected] Centralised Exchange crypto exchange are starting to receive their lost funds. While the crypto community sees this as a positive step, many creditors face significant obstacles in claiming their repayments.
Let’s explore the issues they encounter and who is responsible.
Unclaimed Funds Despite Transfers
Data from Arkham Intelligence 
Arkham Intelligence Crypto intelligence shows that Kraken received 48,641 BTC two weeks ago, intended for Mt. Gox creditors who have been waiting for a decade. Despite Kraken receiving the funds from the trustee, these funds have yet to reach the creditors.
Source : Arkham Creditors were given two options: Bitcoin (BTC) and Bitcoin Cash (BCH). Interestingly, some Reddit screenshots indicate that in certain countries, there is an option to receive repayments in cash.
Downpour of Complaints
The Mt. Gox Insolvency subreddit and Kraken support channels are flooded with complaints from creditors. A common issue is Kraken’s rejection of payment requests due to insufficient account level verifications. Many creditors claim they have submitted their documents multiple times without success. The status of their accounts often indicates that due to high demand, verification will take some time – a delay that has persisted for weeks.
Source : Reddit Creditors are also frustrated with the lack of satisfactory responses from Kraken’s support team. Kraken requires creditors to upgrade their accounts to intermediate or pro levels, adding another layer of complexity.
Will It Happen Again?
Those who lost their funds in the 2011 hack and have waited nearly a decade now fear losing their funds once more. The court-appointed trustee overseeing Mt. Gox proceedings announced in June that all measures were being taken to ensure repayments to creditors. However, the mounting issues reported by users tell a different story. Many creditors complain that even after providing documented proof of their status, they have received no information.
Issues with Bitstamp Repayments
Creditors who received BTC repayments via Bitstamp are facing different problems. Some have reported receiving less than promised, while others are concerned about incorrect selling rates. According to them, when attempting to sell their BTC, the selling page displayed prices at least 1% lower than the current Bitcoin price.
Some creditors accuse Bitstamp of holding their funds hostage by demanding video call verifications, despite these creditors already having verified their identities.
Source : Reddit Transparency is Now Crucial
While Mt. Gox is making the promised payments, it seems that the supporting crypto exchanges are causing additional headaches for creditors. Although there may be valid reasons for these issues, the lack of support is unacceptable. After waiting nearly ten years, creditors’ frustration is understandable. Exchanges should be transparent and assist in resolving these problems so creditors can finally enjoy their long-awaited funds.
Also Read: Crypto Bulls Awaken! Bitcoin ETF Inflows Surge, BlackRock Dominates
Will creditors finally be able to heave a sigh of relief? We’ll have to wait and see.
