Mt. Gox is yet again in the center of attention all around cryptocurrency news portals. This time it’s a completely different reason why.
Mt. Gox trustee Nobuaki Kobayashi who is popular in the crypto community by the name ‘’Tokyo Whale’’, during his time working in Mt. Gox, sold approximately 24,658.00762 Bitcoin, and 25,331.00761 Bitcoin Cash in the period of March until June.
Just as the company was reaching its peak, Mr. Nobuaki decided to sell a bitcoins at a fiat amount of $230 million. Charges were pressed against him and according to legal documents, Kobayashi started liquidating the assets and at least 750,000 BTC were displaced right after the data breached that happened in 2014.
Kobayashi’s representative made a statement yesterday, September 25, 2018, saying:
‘’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 interest 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 which were expected to have already obtained in the Bankruptcy Proceedings, and implemented the Sale.’’
The ‘’Tokyo Whale’’ has exhausted his account to nearly $620 million.
Mt. Gox is now complying with an agreement by Sumitomo Mitsui Banking Corporation in order to secure the trust and to avoid going bankrupt. As part of the agreement, plans are established that will likely relieve tensions between investors and creditors. The Mt. Gox team is working hard to protect the company from going bankrupt and to protect its current users.
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