íàçâàíèå

Mt. Gox Trustee Who Sold $400 Million Bitcoin Denies Affecting Market Price

The Mt. Gox trustee who sold over $400 million in Bitcoin (BTC) and Bitcoin Cash (BCH) from December to February had denied affecting the market prices of both cryptocurrencies.


A Whale’s Tale

According to a transcript of a Q&A session from the 10th Mt. Gox creditors’ meeting, the defunct exchange’s trustee Nobuaki Kobayashi had denied affecting the market price of Bitcoin (BTC) and Bitcoin Cash (BCH) with his high-profile and high-volume sales.

In fact, Kobayashi says very little in regards to the details of his sales. However, he does indicate that he sold both cryptocurrencies through means outside of exchanges. Says the trustee:

I sold BTC and BCC from December 2017 to February 2018 with the cooperation of a cryptocurrency exchange in light of the market price at the time of the sale. Following consultation with cryptocurrency experts, I sold BTC and BCC, not by an ordinary sale through the BTC/BCC exchange, but in a manner that would avoid affecting the market price, while ensuring the security of the transaction to the extent possible. The method of sale of BTC and BCC was approved by the court as well.

I would like to refrain from explaining the details of the method of sale; otherwise the future sale of BTC and BCC could be hindered. However, at present, nothing has been determined regarding the sale of BTC and BCC in the future.

Though Kobayashi intentionally refrains from providing specific details, one might assume he sold the large amounts of Bitcoin and Bitcoin Cash “OTC,” or Over The Counter — meaning he conducted private sales off of exchanges. Theoretically, such sales would prevent dramatic swings in both cryptocurrencies valuation.

The problem is, large amounts of Bitcoin were suddenly and dramatically sold on exchanges at various points throughout the period in question — including before, during, and after reports surfaced describing the large amounts of BTC and BCC being sold by Kobayashi.


Mt. Gox Trustee Who Sold $400 Million Bitcoin Denies Affecting Market Price

One might even be tempted to interpret Kobayashi’s latest statements as simple legalese for: “Don’t blame me.” After all, it’s well within the realm of possibility that the trustee conducted private sales to institutional investors, who themselves turned right around and dumped their newly acquired stockpile on exchanges — possibly for substantial profit. However, without further details, this remains unconfirmed speculation.

Note: In the transcript, Bitcoin Cash (BCH or BCASH) is noted as BCC.

Do you think the Mt. Gox trustee’s sale of roughly $400 million worth of Bitcoin and Bitcoin Cash had any effect on either cryptocurrency’s market price? Let us know in the comments below!

Images courtesy of Zero Hedge, Wikipedia Commons, Twitter

17.03.2018 / 19:39 53
The ‘Mt Gox Whale’ Explains His Crypto-Selling Strategy The ‘Mt Gox Whale’ Explains His
On March 17 the Mt Gox bankruptcy trustee Nobuaki Kobayashi revealed some critical information about how he’s been selling the BTC and BCH he has in
Breaking: Trustee Of Infamous Mt. Gox Denies BTC, BCH Sales Affected Crypto Markets Breaking: Trustee Of Infamous Mt. Gox
The infamous, now defunct Mt. Gox exchange has published a new update denying its trustee caused a dip in crypto markets selling BTC and BCH to pay
Effects of Mt. Gox Trustee's $400 Mln Sale on Bitcoin Market Effects of Mt. Gox Trustee's $400 Mln
An economic analysis of the effects the Mt. Gox bankruptcy trustees decision to sell $400 million of Bitcoin on online exchanges has had on the
Tokyo’s Bitcoin Whale Has Sold $400 Million, And That’s Just The Start Tokyo’s Bitcoin Whale Has Sold $400
Some people still doubt the fact that Bitcoin and cryptocurrency markets are manipulated by big-money players – commonly referred to as “whales” –
Mt Gox Trustee Sells $400 Million in Bitcoin and Bitcoin Cash Mt Gox Trustee Sells $400 Million in
As much as $400 million in cryptocurrencies was sold in the past few months by the bankruptcy trustee of the now-defunct Japanese bitcoin exchange Mt
Mt. Gox Trustee Sells $400 Million in Bitcoin, Bitcoin Cash in 6 Months Mt. Gox Trustee Sells $400 Million in
The Tokyo lawyer and trustee for defunct bitcoin exchange Mt. Gox has disclosed the sale over $400 million in Bitcoin and Bitcoin cash since
Comments (0)
Add a comment
Comment on