Mt Goxxed Again...

Mt. Gox seems to be the gift that just keeps on giving. It appears the trustee (Nobuaki Kobayashi) for the bankruptcy of Mt. Gox obtained approval in late 2017 from the bankruptcy court to liquidate a portion of the BTC & BCC assets held by the bankrupt entity. Matt Odel (twitter handle @Matt_Odel) claims to have identified the dates and wallet addresses that the trustee used to transfer large blocks of BTC to an exchange. Each movement of large blocks of BTC was followed by moderate declines in BTC prices.

"I plan to consult with the court and determine further sale of BTC and BCC." - Nobuaki Kobayashi

It appears the trustee has sold over 36k BTC, and has over 166k BTC remaining to liquidate. The recent liquidations have raised 42,988,044,343 JPY, or about $405,000,000 USD. Total accepted claims in the bankruptcy amount to about $430,000,000 USD, so we should expect at least another $25,000,000 in sales before the claimants are made whole. What the court intends to do with the remaining BTC/BCC has not yet been disclosed, although I'd imagine that liquidation of the remaining 166k BTC and BCC through the same channels would continue to suppress the price, likely retesting the $6k lows previsouly experienced on Feb 6 after similar liquidations.

(Continued below images)

For reasons not explained by the trustee, he appears to have used 'market orders' to liquidate the holdings, contributing largely to the selloff of BTC from highs of $19k in December, continuing through the most recent dump on Feb. 6, 2018 which drove the price down to a low of $6k. This doesn't necessarily align with his statement to the court...

"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."-Nobuaki Kobayashi

...nor does it align with similar proceedings conducted in the US were US Marshalls used auctioned off 144,336 BTC confiscated from Ross Ulbricht who operated the Silk Road darkweb market. One might question the trustees true intent. If he was indeed intent on getting the highest price, why not use over the counter (OTC) sources or an auction process so as to not unduely influence the underlying asset price. Of course...one might also question why Ross is in jail having violated no ones life, liberty or property. I'll save that discussion for another post.

Source
https://www.scribd.com/document/373220993/2018-03-07mtgox#from_embed![Mt. Gox2.jpg]