Mt. Gox aftermath: Tokyo whale dumps $230 bn of Bitcoin
Mt.Gox scandal is still plaguing the exchange’s creditors. The creditors have chosen an alternative legal process or a ‘civil rehabilitation’ which can refund their lost investments. This civil rehabilitation has led to Mt.Gox’s bankruptcy trustee, Japanese lawyer Nobuaki Kobayashi, dumping chunks of Bitcoin in the market. Experts have speculated that this is a major factor that has been driving the Bitcoin prices down in the market.
Recently, Kobayashi also known as the Tokyo whale has dumped another sizeable chunk of Bitcoin in the market. He has sold Bitcoin and Bitcoin Cash worth 25.98 billion yen approximately worth $230 billion. The offloading of Bitcoin has been carried out since the 10th creditors meeting held on March 7, according to a Bloomberg article. Kobayashi disposed of cryptocurrencies worth roughly 42 billion Japanese yen in March, 35,841.00701 BTC and 34,008.00701 in bitcoin cash.
” 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 time of the sale,” he said at the time.
The crypto hack of the century saw investments worth millions lost to hackers. In the month of May 200,000 of lost bitcoins have been discovered in a digital storage which was in use before the hack. These were frozen at the time of the legal conundrum and has climbed in value. The values far exceed the victims’ claims for lost investments.
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