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

Mark-Karpeles-mt-gox

An estimated $400 million in cryptocurrencies has been sold over the past few months by the bankruptcy trustee of the once successful but but now defunct Japanese bitcoin exchange Mt Gox.

Details of the sale were published in March by trustee Nobuaki Kobayashi, who revealed that JPY 42,988,044,343 – which is currently worth roughly $405 million – was generated. A credit report shows that the trustee liquidated 35,841.00701 BTC and 34,008.00701 in bitcoin cash.

Kobayashi explains,

“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.”

Kobayashi’s report indicates that additional liquidations could be coming, pending approval from the court.

“I plan to consult with the court and determine further sale of BTC and BCC,” he writes.

Kobayashi currently owns just over 166,344 BTC, currently worth $1.7 billion, in addition to roughly $197 million worth of bitcoin cash.

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