Mt Gox Trustee Sells $400 Million in Bitcoin and Bitcoin Cash


Some $400 million in cryptocurrencies was recently sold from Mt. Gox, former Japanese bitcoin exchange giant, by the bankruptcy trustee handling their case. This detail was revealed by trustee Nobuaki Kobayashi, early this month.
According to his report, the exact amount was JPY 42,988,044,343. Mt. Gox liquidated as much as 35,841.00701 BTC and 34,008.00701 in bitcoin cash in total. As per Kobayashi:

“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.”

Apparently, this is just the beginning of many other liquidation processes, as more are very well on its way, pending approval of the court, as per Kobayashi. Currently, hhe has in his possession Mt. Gox assets worth 166,344.35827254 BTC. “I plan to consult with the court and determine further sale of BTC and BCC.”

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