Mt. Gox Trustee, Nobuaki Kobayashi, Announced The Selling Of about $230 Million in Bitcoin (BTC) and Bitcoin Cash (BCH)

Nobuaki Kobayashi, the trustee of the former crypto exchange platform Mt. Gox, reported on September 25th that part of the exchange’s Bitcoin (BTC) and Bitcoin Cash (BCH) funds were sold for more than $230 million, and that they became part of a guarantee fund for the victims of Mt. Gox’s hack that occurred in 2014.

Nobuaki Kobayashi, the trustee of Mt. Gox, announced the selling of about $230 million in Bitcoin (BTC) and Bitcoin Cash (BCH)

In a press release, Kobayashi explained that the sales were carried out before the start of the Civil Rehabilitation process, that is, before the suspension of bankruptcy proceedings, which took place last June. As he explained, he decided to sell more than 24,000 BTC and a little more than 25,000 BCH, for an amount close to 26 billion yen, roughly around $230 million.

“As a measure to secure the interests expected to have been obtained by all bankruptcy creditors who filed for bankruptcy in the Bankruptcy Proceedings, the bankruptcy trustee sold a certain amount of Bitcoin (BTC) and Bitcoin Cash (BCH) that belonged to the bankruptcy estate, during the period between the tenth meeting of creditors in the Bankruptcy Proceedings until the start of the Civil Rehabilitation Proceedings, and secured a certain amount of money for bankruptcy,” stated Nobuaki Kobayashi, the trustee of Mt. Gox crypto exchange.

Victims of the Mt. Gox cyber attack must file their requests before October 22nd

In order to qualify for the corresponding return of their funds, creditors will have to present their evidence documents before October 22nd, using the tool that Mt. Gox’s trustee provided last month. Such compensation could also be with funds in cryptocurrencies, as previously requested by Mt. Gox’s creditors.

This announcement made by Kobayashi clarifies doubts regarding the 16,000 Bitcoin (BTC) and 16,000 Bitcoin Cash (BCH) movements that were carried out on April 26th from Mt. Gox related addresses. Subsequently, on May 5th, other transactions were carried out, according to the Mt. Gox’s trustee, which amounted to the total amount of 24,000 BTC and 25,000 BCH already mentioned.

Ian Kennedy

Ian Kennedy is the newest contributor to Crypto Daily Gazette. He enjoys running, practicing minimalism and cooking. Ian is a graduate of Wesleyan University in Connecticut where he studied journalism, Arabic and international affairs. Ian mostly covers stories concerning emerging blockchain technology.

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