Mt Gox Trustee sells $400 Million in Bitcoin and Bitcoin Cash
Since from September 2017, Japan Mt Gox trustee has sold over$400 million of bitcoin. The Tokyo lawyer and trustee for defunct bitcoin exchanger has disclosed on March 7.
The details of the cryptocurrency sales were revealed by Trustee Nobuaki Kobayashi who is overseeing the Mt. Gox creditors’ claims investigation. Nobuaki Kobayashi said that approximately $406.6 million in bitcoin cash.
Kobayashi told that the decision to sell the cryptocurrencies and bitcoin was follow through the consultation with the court to set out on sale to reimburse Mt Gox’s creditors. Approximately 90% of the cash raised came from the sale of bitcoin and the remaining in bitcoin cash.
Nobuaki Kobayashi declared,
“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.”
In fact, the amount generated from the sale roughly matches the number of claims made against Mt. Gox , which went on bankruptcy in 2014 amid claims of insolvency. Just for a rough estimation hundreds of millions of dollars’ worth of bitcoin were lost at that period. Though 200,000 BTC was recovered later on.
In Kobayashi report, additional liquidations might be coming, pending approval from the bankruptcy court.
“I plan to consult with the court and determine further sale of BTC and BCC,”
As per report, Kobayashi at present possessing 166,344.35827254 BTC – an amount worth $1.7 billion at press time – as well as about $197 million worth of bitcoin cash.
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