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Trustee of Mt Gox Sells BTC and BCC worth $400 Million

By Audry Foreman
In Bitcoin
Mar 8th, 2018

A huge sum in crypto assets was sold over the previous few months in Japan. The seller was the bankruptcy trustee of the closed Mt Gox exchange. Nobuaki Kobayashi revealed this on March 7, 2018, by saying that the over 42 billion yen was generated by the same process. This sum is an equivalent to over $400 million according to the prices of cryptocurrency on that day. It is also known that the sale included over 35,000 BTC and around the same sum of bitcoin cash tokens.

He stated that through court consultation, he found it both reasonable and necessary to sell off a certain amount of BCC and BTC. The aim of this sale was to secure funds for distribution resources, which was covered by the two mentioned cryptocurrencies. He also said that he made an effort to attain the highest possible price at that current time and do the same for both cryptocurrencies at his disposal.

Analysts quickly figured out that the sum was in the ballpark of the number of claims that are ongoing against Mt Gox. After its collapse in 2014 when hundreds of millions were lost, over 200,000 BTC were found during a focused recovery effort. The entire process was followed by costly and complicated court proceedings, along with a cryptocurrency price freefall in which the crypto ecosystem ended up when the collapse began.

The most recent sale is not the first one in the previous period. Between December 2017 and February 2018, the trustee sold 18,000 BTC. Then, like recently, there was a sharp decline in the entire crypto market, with prices going to about 50% of their biggest gains this year. Now, Kobayashi also said that new sales could be upcoming but that will be known this only when the bankruptcy court provides its approval. At the same time, the same trustee has access to around $1.7 billion in BTC and just shy of $200 million in BCC.

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