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).
- Hyundai Commercial Works With IBM for Blockchain Development 15 February 2019
- SEC Begins Review of NYSE Arca’s Bitcoin ETF Rule Change 15 February 2019
- Government Involvement Key to Crypto’s Success, Says Terry Duffy 15 February 2019
- Bradesco Closes Accounts of Local Crypto Exchange and Owners 15 February 2019
- JPMorgan Chase to Introduce “JPM Coin” 14 February 2019
Blockchain4 days ago
Santander Reaches $700 Million Deal to Use IBM’s Blockchain Tech
Cryptocurrency6 days ago
Crypto Could “Challenge Any Framework,” Says Financial Stability Board
Blockchain5 days ago
Blockchain Can Make Government “Incapable of Being Bribed” Says Overstock CEO
Cryptocurrency4 days ago
JPMorgan Chase to Introduce “JPM Coin”