Mt Gox Cryptocurrency Exchange Trustee Nobuaki Kobayashi Reveals Bitcoin And Bitcoin Cash Sale Worth $400 Million
Nobuaki Kobayashi, the lawyer and trustee of the Mt Gox bitcoin exchange has revealed that he sold bitcoin and bitcoin cash worth more than $400 million over the past few months since September last year.
Kobayashi published the details of the sale on Wednesday this week revealing that he had sold bitcoin and bitcoin cash that was worth $405 million based on the value of the crypto assets on the date of the announcement. The Mt Gox trustee also revealed in the report that he liquidated 34,008.00701 units o bitcoin cash and 35,841.00701 BTC.
In his statement, Kobayashi had this to say: "As a result of the consultation with the court, I considered it necessary and reasonable to sell a certain amount of BTC and BCC at this point and secure a certain amount of money for distribution resources, and thus, I sold the amount of BTC and BCC above. I made efforts to sell BTC and BCC at as high a price as possible in light of the market price of BTC and BCC at the timing of sale."
Kobayashi further added that selling some of the cryptocurrency assets was a necessary move aimed at securing cash for resource distribution after the September 7meeting with creditors. He also added that he tried his best to sell the cryptocurrencies at the best possible prices. Mt Gox filed for bankruptcy about three years ago after a hack that led to the loss of 750,000 bitcoins. Mark Karpeles, the former CEO of the bitcoin exchange faced multiple accusations including embezzlement.
Despite the loss of bitcoin worth hundreds of millions of dollars, Mt Gox managed to recover about 200,000 bitcoin. However, the collapse of the bitcoin exchange kick-started a wave of regulatory actions, measures and investigations. Kobayashi also hinted that there will most likely be more liquidation in the future if the bankruptcy court approves. He stated that he plans to pursue further consultation with the court to determine whether he can sell more units of the two cryptocurrencies.
The Mt Gox trustee currently holds about 166,344.35827254 BTC which he will most likely hold on to until the price of bitcoin improves. The price dropped below $9,000 at the time of this press. He is also in possession of bitcoin cash worth more than $190 million. The prices of both cryptocurrencies have been dropping this week with bitcoin dropping from more than $10,000 to $8,500 at the time of this press.