Mt. Gox Trustee Says Bitcoin Price Not Affected by $400M sale


Mt. Gox trustee says Bitcoin price not affected by $400M sale. Additionally, the trustee indicated that process for the further sale of the Mt. Gox’s estate’s remaining cryptocurrency holdings has not been determined yet.

19 March, AtoZForex The trustee monitoring the bankruptcy of the collapsed Mt. Gox cryptocurrency exchange has denied that he is the cause of the drop in Bitcoin prices. In the Q&A session report, Nobuaki Kobayashi has talked about the recent sale of $400 million worth of Bitcoin and Bitcoin Cash that was in the possession of the Mt. Gox bankruptcy estate.

Mt. Gox Trustee Says Bitcoin Price Not Affected by $400M sale

Mr. Kobayashi has stated the following:

“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.”

Yet, he has refrained from disclosing the exact details of how the funds we sold. The remarks appear as the denial to the recent market speculation that linked the sale of BTC and BCH to the overall slump in Bitcoin prices.

Earlier this March, Mr. Kobayashi has announced that 35,841 BTC and 34,008 BCH had been sold in the period between December 2017 and February 2018. Moreover, he has stated that 18,000 BTC has been moved from a wallet owned by the Mt. Gox estate on February 5th. This is also a day that cryptocurrency market has seen a drop.

This could be a coincidence. However, the time span of the current sale also is matching the dip in Bitcoin prices.

A coincidence?

Mr. Kobayashi has further stated:

“Please restrain from analyzing the correlation between the sale of BTC and BCC by us and the market prices of BTC and BCC based on the assumption that the sale was made at the time the BTC and BCC were transferred from BTC/BCC addresses that I manage, as such assumption is incorrect.”

Additionally, the trustee indicated that process for the further sale of the Mt. Gox’s estate’s remaining cryptocurrency holdings has not been determined yet. Mr. Kobayashi was still in the possession of 166,344.35827254 BTC as of March 5th.

The sale of Mt. Gox estate’s two cryptocurrency holdings marks a milestone in the sluggish process of the bankruptcy case.

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