Mt Gox Trustee Dumping Millions in Bitcoin

In a report published by Mt Gox trustee Nobuaki Kobayashi, the details of a massive BTC sell off has been detailed. Approximately $400 million dollars worth of BTC and BCash were liquidated between Dec 2017 - Feb 2018. The total amount sold was 35,841.00701 BTC and 34.008.00701 Bcash.

Kobayashi's explanation for the liquidation was to sell enough BTC and Bcash to secure funds for distribution. The Mt Gox exchange was hacked and filed for bankruptcy in 2014, resulting in a loss of over 850,000 million bitcoins, valued at $473 million at the time.

Full List of Transfers Made So Far:

The list of transfers shows more than half of the sold BTC was transferred to an exchange on February 5th. This was the day before BTC crashed and hit a low of $6,000.

Mt Gox Wallets :

https://blockchain.info/tx/1dda0f8827518ce4d1d824bf7600f75ec7e199774a090a947c58a65ab63552e3

https://blockchain.info/tx/a4b08370f09186eadcc415fe1a3b0d55e74a9eab9400a5a9fdb4031a6d7eba18

 

It's very apparent that the days following the sell offs made by Kobayashi caused huge crashes in the Bitcoin markets.

It is unclear the plans for distributions, if and when Mt Gox users will receive stolen funds, all though it is known that Mt Gox still owes millions to creditors who most likely will be taken care of first.

Kobayashi is still in possession of approximately 170,000($1.7 billion) BTC and 190,000($197 million) Bcash which he plans on liquidating, pending on the bankruptcy court's approval. So far the market has been able to absorb the sales and slowly bounce back, but there maybe a few more huge sell offs and crashes in the next coming months.

 

More Crypto News, Views, and Gossip The Crypto Tea