Mt.Gox trustee puts cryptocurrency up for sale again

The trustee of the bankrupt company Mt.Gox, Japanese lawyer Nobuaki Kobayashi, better known in the cryptocurrency community as “The Whale of Tokyo,” withdrew another 25.98 billion yen ($230 million) from the exchanger in Bitcoin and Bitcoin Cash cryptocurrencies.

According to Bloomberg, this decision was made after a meeting of creditors. So far, Kobayashi has withdrawn 35,841.00701 BTC and 34,008.00701 BCH from the exchange, which is 42 billion yen.

According to Finance Magnates, Kobayashi released a report detailing the measures taken to protect the interests of creditors. Among other things, the trustee created a trust with the Japanese bank Sumitomo Mitsui, which at the time of creation had 15.8 billion yen ($140,000,000) in its account. Although Kobayashi did not provide details of his strategy for selling cryptocurrencies, according to Bloomberg, he said he would do everything to get “as much as possible” for them.

Many investors are closely monitoring Kobayashi's activities, as there is a belief among them that a massive sale of cryptocurrencies by the trustee may have contributed to the recent collapse in the price of Bitcoin. And although many blame Kobayashi for the collapse in prices, he is most criticized for the way he sells assets. The trustee sold funds on order exchanges, rather than through an over-the-counter broker, like most sellers, and thereby increased the negative consequences of his sales.

In addition, Kobayashi’s actions do not coincide with his statement made in June 2018, when the Tokyo court initiated the start of the civil rehabilitation process. According to a translation of his statement, Kobayashi said that does not intend to liquidate the remaining cryptocurrency assets.

According to btcmanager.com