Mt. Gox Crypto Battle Continues as Tokyo Whale Dumps $230 bn of Bitcoin in Wind Down
The Mt Gox trustee, Nobuaki Kobayashi on Tuesday released all the documents detailing the measures taken to safeguard the interest of creditors, specifically through the sale of large amounts of cryptocurrencies for fiat money.
Mt Gox scandal has led to Mt.Gox’s bankruptcy trustee, Japanese lawyer Nobuaki Kobayashi, dumping chunks of Bitcoin in the market. He has sold Bitcoin and Bitcoin Cash worth 25.98 billion yen approximately worth $230 billion. The offloading of Bitcoin has been carried out since the 10th creditors meeting held on March 7
According to the document, these measures were a requirement of the bankruptcy proceedings and based on the findings of a February 2018 examination report.
Nobuaki Kobayashi, the exchange operator’s trustee, sold approximately 24,658 BTC and 25,331 BCH between the last creditor’s meeting on March 7 and the June 22 court ruling allowing the estate to exit bankruptcy and enter civil rehabilitation.
As a result of the Sale, the balance in the bankrupt trustee’s account reached approximately JPY 70,059 million.
Digital coin investors closely follow the moves of Kobayashi, who is known in crypto circles as the “Tokyo whale” because of the heap of tokens he controls.
The documents add that as a result of the sale, the trust already holds “a suitable amount of money to secure the interests [of] BTC creditors under the Bankruptcy Proceedings in connection with BTC claims to be treated as non-monetary claims under the Civil Rehabilitation Proceedings.”
Get Bitzamp Latest Update By Downloading our Mobile App: Bitzamp – Cryptocurrency News – Apps on Google Play