Tokyo attorney and Mt. Gox’s bankruptcy trustee has sold as much as $400 million in cryptocurrencies in the past few months. He has been liquidating his tokens, consisting of the two coins, Bitcoin and Bitcoin Cash, on behalf of Mt. Gox creditors, which has another $1.9 billion to unload.
The details of the sale were published, uncovering that 42 billion Japanese Yen, an amount worth around $405 million at press-time prices was generated. According to the report, Kobayashi liquidated approximately 35,800 BTC and 34,000 in bitcoin cash.
The trustee states:
“As a result of the consultation with the court, I considered it necessary and reasonable to sell a certain amount of BTC and BCC at this point and secure a certain amount of money for distribution resources, and thus, I sold the amount of BTC and BCC above. 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.”
Once the world’s biggest Bitcoin exchanges during 2014, Tokyo-based, Mt. Gox filed for bankruptcy protection after disclosing that they had lost around 850,000 Bitcoin, worth about $500 million in USD at the time.
200,000 BTC was later found amid the recovery efforts, and hackers were blamed for the incident. The exchange’s collapse triggered a worldwide regulatory response, and the CEO at the time, Mark Karpeles was charged with embezzlement and data manipulation. The incident also led to an extended bear market which continued towards the end of 2015.
While Kobayashi didn’t provide details of his strategy for liquidating the cryptocurrencies, he stated he would be selling them “as high a price as possible.” Disclosures in his report on suggest the sales of his Bitcoin tokens fetched an equivalent of $10,105 on average.
According to his report, more liquidations are coming, pending approval from the bankruptcy court stating, “I plan to consult with the court and determine further sale of BTC and BCC.”
Currently, Kobayashi has around 166,340 BTC, worth $1.5 billion as well as around $190 million worth in Bitcoin Cash.