Cryptocurrency

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Cryptocurrency exchange Kraken is at the center of criticism for mishandling the process of repayment to the Mt. Gox creditors. BTC payouts. Despite verifying their accounts, many users face confusion and frustration due to rejected payouts.&nbsp; 
Several posts on the Mt. Gox insolvency subreddit reveal that Kraken has repeatedly informed users their account verification levels are insufficient for processing <a href="https://www.cryptotimes.io/2024/07/16/kraken-to-distribute-mt-gox-bitcoins-to-creditors/" target="_blank" rel="noreferrer noopener">Bitcoin transfers</a>. One user reported receiving an email from Kraken stating their account was not verified at the intermediate or pro level, necessary for receiving payouts.&nbsp; 
Despite seeking clarification, the user received the same notification months later, highlighting Kraken’s inconsistent responses. 
User Complaints and Frustration 
A recurring theme in user complaints is the “failure of confirmation by Kraken.” Affected users have shared that Kraken initially assured them everything was in order, only to encounter the same problem again. One user posted, “I received an email saying my account level was not intermediate/pro, and I could not get my BTC transfer done.” 
Adding to the confusion, the link provided by Kraken for verification details leads to a message indicating delays due to high volumes of verification requests. This has further aggravated the situation for those expecting timely resolutions.&nbsp; 
A user highlighted the ongoing issue, stating: “Even though I queried and responded to an email from the trustees in January, they still think I am unverified. Infuriating incompetence.” 
Kraken’s Stance and Trustee’s Response 
The Mt. Gox Rehabilitation Trustee has outlined necessary steps for creditors to ensure their accounts are eligible for payouts. These include revising account information, updating creditor names, and ensuring the account level meets the required standards.&nbsp; 
However, many users report that despite taking these actions, Kraken continues to reject their payouts due to purported verification issues. 
Kraken maintains that the verification issues stem from account levels not meeting the required standards as outlined by their system. All necessary actions must be completed through Kraken’s platform, not the Mt. Gox claims system.&nbsp; 
The exchange’s customer support has reportedly been unresponsive in addressing these issues, adding to the frustration of users eager to receive their funds. A user mentioned that the Trustee would reportedly check Kraken verifications by the August 30 deadline, hoping for resolutions by then. 
Kraken’s handling of Bitcoin payouts to Mt. Gox creditors has drawn significant criticism. The exchange’s verification process and customer support responsiveness are major concerns for users. As the August 30 deadline approaches, affected creditors remain hopeful for a resolution. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/07/16/kraken-to-distribute-mt-gox-bitcoins-to-creditors/" target="_blank" rel="noreferrer noopener">Kraken to Distribute Mt. Gox Bitcoins to Creditors</a> 
</blockquote>

Kraken Faces Criticism Over Mt. Gox Bitcoin Payout Delays

The Crypto Times

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