[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 10th 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:

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