Mt.Gox trustee blamed for market decline

The most important issue that concerns the crypto community today is the reason for the sharp decline in the market. One of the culprits is believed to be Nobuyaki Kobayashi, a trustee of the Mt.Gox exchange.

In April 2014, representatives of the trading platform filed an application for liquidation of Mt.Gox, but at the end of 2017, creditors asked the court not to recognize the bankruptcy of the exchange. After all, if the exchange is officially declared bankrupt, capital will have to be returned to investors in dollar equivalent (at the closing rate). It is quite natural that creditors resist this in every possible way.

At this moment, a lawyer from Tokyo and the chairman of the board of trustees of Mt.Gox, Nobuaki Kobayashi, appears. The lawyer manages the site’s fund, which at the end of 2017 last year amounted to just over 200,000 BTC. Kobayashi decided not to wait for the court's decision, sold off the assets of Mt.Gox and returned the funds to creditors.

The lawyer himself made a statement that the reason for the fall in the Bitcoin rate is that he sold $400 million worth of cryptocurrencies over the past 6 months. Recently, Kobayashi sold 35,841 BTC and 34,008 BCH, earning $406 million. For example: on February 6, during the next collapse of Bitcoin to $5900, the lawyer sold 18 thousand BTC, which is equivalent to $180 million.

If the reason for the market decline really lies in the actions of the Tokyo lawyer, you need to take a wait-and-see approach, since he has not yet will sell the remaining 166 thousand coins, the rate will not stabilize.

According to https://www.ccn.com