Mt. Gox’s largest trustee unloads $230M worth of Bitcoin, and nobody knows why

The Mt. Gox saga keeps dragging on. The now defunct cryptocurrency exchange’s largest trustee, Nobuaki Kobayashi, has sold off another $230 million (26 billion yen) worth of Bitcoin.

Kobayahsi – who is known as the “Tokyo Whale” in cryptocurrency circles – has been selling off the cryptocurrency since early March following the 10th creditors meeting, Bloomberg reports.

It would appear that the Tokyo Whale received an average of $8,100 per Bitcoin.

Even if the money does go straight to those affected by Mt. Gox’s collapse, the exchange still has to pay back nearly $1 billion based on current market rates. There’s still some way to go.

That said, earlier in the year, a court ruling stated that Mt. Gox is required to pay its creditors back in cryptocurrency.

Indeed, why the digital assets are being liquidated isn’t entirely clear.

Earlier this month, a claimant filed a case in a Pennsylvania pursuing funds lost during the Mt. Gox’s collapse. The case found that he would have to take up his claim in the exchange’s home nation, Japan.

Hopefully, Tokyo Whale’s liquidation of assets is a sign that reparations will be coming for those affected.

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Published September 25, 2018 — 13:09 UTC

Matthew Beedham

Matthew Beedham

September 25, 2018 — 13:09 UTC

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