Mt Gox trustee sells more coins in March-June

Posted 25 September, 2018

Following the creditor meeting, the trustee of bust crypto exchange Mt.Gox Nobuaki Kobayashi withdrew bitcoin and Bitcoin Cash for JPY 25.98 ($230 million) within the period of March-June.

The company has released a report on its official website providing the schedule and models for sales. The trustee has reportedly taken this decision after consulting the court and experts.

"As a result of consultation with the court and the examiner, the bankruptcy trustee (i) 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...," the report reads.

According to the available data, it was sold 24,658 bitcoins and 25,331 Bitcoin Cash. The exchange still has some JPY 70 million on the account after the above-mentioned sale.

Along with this step, Nobuaki Kobayashi and Sumitomo Mitsui bank set up a trust willing to protect creditors.

The trust will manage assets worth more than JPY 15 billion. Under the procedure, the investors that filed applications have to receive JPY 17 billion in fiats in total. Other creditors, in their turn, may get payments in cryptos in line with the civil rehabilitation process.

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26 September, 2018 11:16

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