The MT Gox trustee has sold 35,841 BTC for $362 million and 34,008 BCH for $45 million according to reports coming out of a creditors meeting held earlier today.
Mark Karpeles, MT Gox’s former CEO, said the sums were “sold between December 2017 and February 2018 with the assistance of a bitcoin exchange.”
Little further detail is provided at this stage with a full report by the trustee providing no explanation why the funds were sold or why they were sold at this precise point.
Bitcoin prices fell as low as $6000 in 2018 due to a Mt.Gox trustee “panicking” and selling $400 mln worth of bitcoins (BTC), reports suggest this week.
As multiple news outlets reported from March 7, Nobuaki Kobayashi has sold over 35,000 BTC and 34,000 BCH (Bitcoin Cash) in order to pay the defunct exchange’s creditors.
The sales occurred via an exchange, with each individual sale appearing to move Bitcoin markets lower. Former Mt.Gox CEO Mark Karpeles confirmed the transfers took place from December through February.
When BTC/USD hit $5900 Feb. 6, Kobayashi had transferred 18,000 BTC ($180 mln) the day prior, entrepreneur Alistair Milne reported on Twitter March 7 quoting the r/mtgoxinsolvency subreddit.
Hope!! that the whales selling is over and we can see a greener market with healthy ups and downs in coming weeks and months!!