The trustee in charge of the assets are members of defunct bitcoin exchange Mt. Gox has denied that his decision to sell more than $400 million worth of bitcoin (BTC) and bitcoin cash (BCH) stood a meaningful influence on the global cryptocurrency market.
In a comment dated March 17, Nobuaki Kobayashi — the Tokyo lawyer using managing the infamous Mt. Gox exchange’s estate during its bankruptcy proceedings — addressed concerns that his handling within the estate has long been callous possesses had a materially-detrimental impact on the market in bitcoin.
Earlier this month, Kobayashi announced they sold $406.6 000 0000 worth of bitcoin and bitcoin cash from your infamous exchange’s estate, adding that your estate still held approximately $1.7 billion price of cryptocurrency assets. He also said that he had sold the coins on order-book cryptocurrency exchanges, rather then through the over-the-counter (OTC) markets that large-scale customers generally use.
In Saturday’s statement, Kobayashi confirmed that he sold the coins between December and February — some time in which the bitcoin price plunged from nearly $20,000 to $6,000 — but he claimed which he did so techniques did not have an impact on the market cost the assets.
“Following consultation with cryptocurrency experts, I sold BTC and BCC, not by a standard sale in the BTC/BCC exchange, in a manner that might avoid affecting the marketplace price, while ensuring the security of the transaction with the extent possible,” Kobayashi said. “Therefore, I believe that the sale of BTC and BCC by us wouldn’t affect their market prices.”
“I made efforts to distribute them at as high an expense as possible considering their market prices during sale. I have faith that they were sold for a fair price, in the market prices back then,” he added.
But although the Mt. Gox estate will continue to hold nearly $2 billion in cryptocurrency assets, investors likely don’t have to worry that these coins could be dumped in the market — at minimum in the short-term.
As Bloomberg reporter Yuji Nakamura noted after the release of the statement, Kobayashi only sold enough coins to hide the exchange’s JPY liabilities.
He is right now waiting for the judge to rule on large enough . exchange can enter civil rehabilitation, which may potentially enable the estate to distribute coins directly returning to creditors — in lieu of selling them for money and giving creditors the proceeds.
However, set up court denies the civil rehabilitation plea, it’d likely be almost a year before the trustee resumes selling the coins.