Mt. Gox Trustee Makes $230-M Sale

Sep 25, 2018 at 22:13

Nobuaki Kobayashi, Bitcoin’s Tokyo whale and the bankruptcy trustee for Mt. Gox’s funds, has unloaded JPY 25.98 billion or $230.24 million Bitcoin (BTC) and Bitcoin Cash (BCH).

In a statement posted on Mt. Gox’s website (https://www.mtgox.com/img/pdf/20180925_announcement_en.pdf), Kobayashi said the BTC and BCH were sold from the 10th creditors’ meeting in the Bankruptcy Proceedings on March 7, 2018 to the commencement of Civil Rehabilitation Proceedings on June 22, 2018.

The sale was made in the amount of 24,658.00762 BTC, which is equivalent to JPY 22.56 billion or roughly $200 million, and 25,331.00761 BCH worth JPY 3.41 billion or approximately $30 million.

Kobayashi said the sale was “necessary and appropriate” to secure the interests of bankruptcy creditors prior the commencement of Civil Rehabilitation Proceedings.

“Due to the Sale, the bankruptcy trustee has already secured a suitable amount of money to secure the interests that are expected to have obtained by BTC creditors under the Bankruptcy Proceedings in connection with BTC claims to be treated as non-monetary claims under the Civil Rehabilitation Proceedings,” he said.

Mt. Gox was once the biggest Bitcoin exchange globally but it filed for bankruptcy protection in 2014 after losing 850,000 Bitcoins—worth about $500 million at the time—from hackers.

The recent sale of BTC fetched a price of $8,100 per BTC while BCH was sold at $1,190 per BCH. This compares to their current prices at $6,453.83 and $439.06, respectively.

Estate wallets have remaining 137,891 BTC and 137,891 BCH, according to the Mt. Gox Cold Wallet Monitor (https://www.cryptoground.com/mtgox-cold-wallet-monitor/).