Mt. Gox “Bitcoin Whale” Trustee Seized Selling Bitcoin (BTC)
The Mt. Gox bankruptcy process turned into a civil rehabilitation process, as the Tokyo District Court approved this measure earlier. Therefore, the creditors of Mt Gox are one step closer to obtain over $450 for every Bitcoin (BTC) they lost. In consequence, Mt. Gox “Bitcoin Whale” trustee, Nobuaki Kobayashi, won’t sell BTC any longer.
According to the document issued today on the official Mt. Gox site, the rehabilitation process will commence in the first quarter of 2019. Also, the material presents the steps this process will follow.
Nobuaki Kobayashi, Mt. Gox “Bitcoin Whale” trustee, seized selling Bitcoin (BTC) until everything settles
As said above, Mt. Gox “Bitcoin Whale” trustee, Nobuaki Kobayashi, who got his “Bitcoin Whale” nickname for selling $400 million in Bitcoin (BTC) and Bitcoin Cash (BCH) between December 2017 and February 2018, seized selling BTC for the moment.
It is, however, believed that he would restart his activity once every creditor is reimbursed in Bitcoin (BTC), which is predicted to happen by the mid-2019.
Kobayashi was accused that his massive sellouts between December 2017 and February 2018 triggered the cryptocurrencies market drop that occurred during the before-mentioned period.
Of course, Mt. Gox “Bitcoin Whale” denied that his activity had influenced the Bitcoin (BTC) price.
The next Mt. Gox creditors meeting is scheduled for September 2018
As for the cryptocurrencies market drop of between December 2017 and February 2018, Nobuaki Kobayashi has defended himself in the document released today on the Mt. Gox website.
Court approves Mt. Gox civil rehab. Mostly good news:
1) Trustee won’t sell more BTC
2) Creditors receive BTC (not JPY) in early-mid 2019
3) Everyone must refile claims by Oct
4) Bad news: some creditors will sell BTC, so that will hang over market next yrhttps://t.co/gc8SW5tnER https://t.co/3AC49MvEVI
— Yuji Nakamura (@ynakamura56) June 22, 2018
“As in sales from December 2017 to February 2018, upon consultation with cryptocurrency 6 transaction experts, Bitcoin and Bitcoin Cash were sold in a manner that had no effect on market price and not by ordinary sale on an exchange, while ensuring the security of the transaction to the extent possible,” stated Mt. Gox “Bitcoin Whale” trustee in the before-mentioned document.
On the other hand, the next Mt. Gox creditors meeting will take place on September 26th, 2018, and will discuss the progress of the civil rehabilitation process.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.