[Newsflash]: Mt. Gox Bitcoin Whale Pawns Off $230 Million Worth of BTC and BCH

Bitcoins and Bitcoin Cash Worth $230 Million in Mt. Gox Sold Off at $8,100 Per Average

The trustee tasked to liquidate cryptocurrencies on behalf of Mt. Gox, a defunct exchange, has offloaded a total of 25.98 billion yen ($230 million) of both Bitcoin Cash and Bitcoin.

According to a statement by Nobuaki Kobayashi, who’s known as “Tokyo Whale” in the crypto circles, on Tuesday, the disposals came since holding of the 10^th creditors meeting on March 7.

Mt. Gox, a Japan based cryptocurrency exchange that was once the largest Bitcoin exchange company, filed for protection from creditors around 4 years ago following a disclosure that the platform had been hacked losing 850,000 Bitcoins.

At that time, the stolen digital assets were worth approximately $500 million, but today would be worth a whopping $5 billion. The exchange closed down following the hacking, saying that it had recovered around 200,000 bitcoins.

Bitcoin and Bitcoin Cash React to the Sell Off

In the recent disposal, each bitcoin received an average price of $8,100, as per calculations conducted by Bloomberg.

The massive sale of bitcoin and bitcoin cash has affected the prices of Bitcoin and Bitcoin Cash, with the two digital assets shedding off 3% and 6.7% respectively, according to CoinMarketCap. The huge sell off could potential affect the cryptocurrency market, seeing a short-term decline for the top cryptocurrencies and the market at large.

Here is some of the latest tweets about the news:

POS Tyler Durden yet again spreading ridiculous FUD! These sales were made after the final BTC movements from the Trustee's wallet in April and May, at an average of $8,100! Only reported now, due to a regularly scheduled Trustee meeting this week.https://t.co/TwckT8sdhL

— Andy Hoffman (CryptoGoldCentral.com) (@Andy_Hoffman_CG) September 25, 2018

1/ Mt. Gox trustee at it again… market selling Bitcoin and Bitcoin Cash.

The following is the published statement from 9/25/2018 how he sold 24,658 $BTC and 25,331 $BCH.

This amounts to approximately $240 million #Bitcoin and #BitcoinCash

Unclear if more selling will occur. pic.twitter.com/XW95LGm1iI

— Jacob Canfield (@JacobCanfield) September 25, 2018

2/ “The quantities sold under the Sale and the amounts paid into the bankruptcy
trustee’s account are shown below” pic.twitter.com/79gn7Vqzet

— Jacob Canfield (#I❤️Crypto) (@ILOVECRYPT0) September 25, 2018

3/ “Trust Assets: JPY 15,894,530,915 as of the date of establishment
of the trust which includes the amount expected to be
appropriated for various expenses (the “Trust
Assets”)” pic.twitter.com/2tXkIYovX3

— Jacob Canfield (#I❤️Crypto) (@ILOVECRYPT0) September 25, 2018

4/ “The bankruptcy trustee has already secured a suitable amount of money to secure the interests that are expected to have obtained by BTC creditors under the Bankruptcy Proceedings in connection with BTC claims to be treated as non-monetary claims under the Proceedings. pic.twitter.com/7YEE1IZmQ9

— Jacob Canfield (#I❤️Crypto) (@ILOVECRYPT0) September 25, 2018

5/ “I will notify you again at a later date about the details of the Trust Agreement and the Guarantee Entrustment and Guarantee Agreement, and how the monetary creditors may declare their intentions to enjoy the beneficiary interests,” – End Document pic.twitter.com/60YaHyip4K

— Jacob Canfield (#I❤️Crypto) (@ILOVECRYPT0) September 25, 2018