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Data Shows $318 Million Cryptocurrency Sell-Offs by Mt Gox Trustee

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The trustee for the rehabilitation procedures of non-operational cryptocurrency exchange Mt. Gox allegedly sold massive amounts of Bitcoin (BTC) and Bitcoin Cash (BCH) on trading platform BitPoint.

This is according to a report made by Cointelegraph Japan, citing leaked data.

An anonymous party got the information from the legal proceedings connecting Mt. Gox at the Tokyo District Court and showed it to Mt. Gox creditor campaign group GoxDox.com.

The data, which appears to be half-finished scans of transactions at BitPoint, confirms that the Mt. Gox trustee, Nobuaki Kobayashi, sold coins on a major exchange to pay back creditors.

“Unless BitPoint is being really generous, we’d wager the reason they are depositing billions JPY into the trustee’s bank account is because they were hired to sell the MtGox Estate’s BTC/BCH,” GoxDox writes.

The process of recompensing users who lost funds in Mt. Gox’s giant hack in 2014 has been both lengthy and arduous.

Throughout late 2017 and the first half of 2018, alleged sell-offs from Kobayashi were thought to be influencing Bitcoin’s price because of their size.

Talking about the phenomenon of what is known as the “Dumpening,” well-known cryptocurrency personalities cited that Kobayashi or an accomplice may have openly tried to use mainstream sales channels from the very beginning.

The CEO of United States exchange Kraken, Jesse Powell, previously said his platform had gotten a request about means of large scale selling, something GoxDox now also talks about. However, Powell said that Kraken’s recommendations for selling coins in an auction or with an OTC broker were not carried out.

The total amount involved from the leaked documents is just under 35 billion yen ($318.5 million).

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