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Mt Gox trustee sells off nearly 25000 Bitcoin on behalf of the exchange

Mt Gox trustee Nobuaki Kobayashi has stated that he has taken a major role in selling of millions of dollars worth of cryptocurrency.

The latest statement from the infamous hack of cryptocurrency exchange Mt Gox has been released.

Issued by the trustee of Mt Gox Nobuaki Kobayashi, the statement details the bankruptcy proceedings which the exchange is facing. Kobayashi has undertaken a major role in selling-off cryptocurrency on behalf of Mt Gox since last year. The trustee claims that he has sold a total of 24,658 Bitcoin and 25,331 Bitcoin Cash in the proceedings. This sale has been summarised within the official Mt Gox document.

Under “grounds for the sale”, the document explains:

As a result of consultation with the court and the examiner, the bankruptcy trustee determined that it was necessary and appropriate to procure a suitable amount of money to secure the interests that the creditors for the principal amount and delay damages of the determined and undetermined bankruptcy claims that have been filed in the Bankruptcy Proceedings (approximately JPY 73,373 million in total, including BTC claims (i.e., claims such as those for the return of cryptocurrency split from BTC; hereinafter the same) and monetary claims) which were expected to have already obtained in the Bankruptcy Proceedings, and implemented the Sale.”

The proceedings are taking place owing to the major hack that the exchange suffered which saw more than 750,000 Bitcoin (which was approximately $350 million USD at the time) stolen. None of the funds were able to be recovered.

In August, the exchange released an update on rehabilitation claims for investors who suffered losses during the hack. Kobayashi announced that investors who wanted to file claims online had until 22 October to do so. It was also noted that the online system for filing would only be available to individual entities. The individuals would be able to log in with their credentials. Businesses or corporate enterprises would be able to file claims at a later stage.