Once the world’s biggest bitcoin exchange, Mt. Gox filed for bankruptcy protection four years ago after disclosing that it lost 850,000 bitcoins, then worth about $US500 million. The company, which later said it recovered about 200,000 bitcoins, blamed hackers for the loss.
The Tokyo lawyer and trustee for defunct bitcoin exchange Mt. Gox, Nobuaki Kobayashi has disclosed the sale over $400 million in Bitcoin and Bitcoin cash since September 2017. While Kobayashi didn’t provide details on his strategy for offloading the coins, he said he tried to get “as high a price as possible.” Disclosures in his report on the Mt. Gox website suggest his Bitcoin sales since September fetched the equivalent of $10,105 on average. The cryptocurrency was trading at $10,554 as of 10:17 a.m. London time on Wednesday.
As multiple news outlets reported from March 7, Nobuaki Kobayashi has sold over 35,000 BTC and 34,000 BCH (Bitcoin Cash) in order to pay the defunct exchange’s creditors.
The sales occurred via an exchange, with each individual sale appearing to move Bitcoin markets lower. Former Mt.Gox CEO Mark Karpeles confirmed the transfers took place from December through February. When BTC/USD hit $5900 Feb. 6, Kobayashi had transferred 18,000 BTC ($180 mln) the day prior, entrepreneur Alistair Milne reported on Twitter March 7 quoting the r/mtgoxinsolvency subreddit
2/ Full list of transfers out of their wallet. More than half of the bitcoin they sold (18k btc) was transferred to an exchange on Feb 5th. The day before bitcoin hit its 3 month low of ~$6000. They panicked and sold the bottom. Market absorbed it well.
h/t @alistairmilne pic.twitter.com/obYgbgBHpx
— Matt Odell (@matt_odell) March 7, 2018
The bankruptcy estate’s bitcoin reserves currently stand at 166,344.35 BTC, approximately $1.7 billion. Kobayashi insists that he will look to raise additional cash from future sales of BTC and BCC in order to ultimately reimburse nearly 25,000 accepted claims from creditors.
Kobayashi stated:
“I plan to consult with the court and determine further sale of BTC and BCC.”
Source: Fortune.com
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