Exchange News

Mt. Gox trustee has raised over $400 million in Bitcoin and Bitcoin Cash sales

In an announcement made today by the trustee of the now-defunct Mt. Gox exchange, the Tokyo based lawyer made over $400 million in six months from Bitcoin and Bitcoin Cash sales.

Nobuaki Kobayashi is the trustee assigned to the Tokyo district court. Investigations indicate that the Mt. Gox creditors’ representative approximately made $406.6 million in Bitcoin and Bitcoin cash sales which translates to about (JPY 42,988,044,343).

He says the decision to make the sale was reached after consulting with the court in a bid to raise funds to reimburse the creditors’ of Mt. Gox. This revelation was made today during the 10th creditors’ meeting in Tokyo.

He adds selling a portion of Bitcoin and Bitcoin Cash was “necessary and reasonable” since the 9th creditors’ meeting that took place on September 27th, 2017.

He says:

“I made efforts to sell BTC and BCH at a high price as possible in light of the market price of BTC and BCH at the timing of the sale.”

The report indicates approximately 35, 000 BTC were sold at an average price of $10, 100.

Mt. Gox was once one of the largest crypto exchanges in the world but filed for bankruptcy in 2014 after the loss of more than 750, 000 Bitcoins. Its former CEO Mark Karpeles saw multiple charges that included embezzlement thrown his way and ended up in detention in a Tokyo cell before pleading not guilty to these charges in an ongoing trial.

The former crypto giant currently holds around 166, 344.35 BTC in reserves that have a value of approximately $1.7 Billion as per the current market price.

The trustee says he will have to make more Bitcoin and Bitcoin Cash sales in order to raise more funds that can reimburse over 25, 000 claims that have been accepted from creditors’.

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coinmag

Basil has three years of freelance experience writing on disruptive technologies. He focuses on breaking news and education pieces; helping to spread the gospel of Blockchain. He hopes to have his own blockchain company one day; helping the world through its innovative ledger technology.

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