Tokyo Whale Liquidates $230 Million of Bitcoin On Behalf Of Mt. Gox

Nobuaki Kobayashi, also known as “Tokyo Whale” because of the heap of tokens he controls, serves as the trustee of defunct cryptocurrency exchange Mt.Gox. Kobayashi announced on Tuesday, September 25 that he has liquidated almost 26 billion yen ($230 million) in Bitcoin and Bitcoin Cash in around four months.

The statement states that in the multiple rounds of cryptocurrency sell-offs on behalf of Mt.Gox since Q3 2017, Kobayashi has sold 24,658 BTC and 25,331 BCH. The document confirms that the transaction occurred “during the period from the 10th creditors’ meeting in the Bankruptcy Proceedings (i.e., from March 7, 2018) to the commencement of Civil Rehabilitation Proceedings.”

Mt.Gox

The Japan-based firm was once the largest Bitcoin exchange but a massive hack four years ago that costed them around 850,000 Bitcoins led to their downfall. Back then the value was evaluated to $500 million the current value would fetch more than $5 billion. Later the defunct company claimed that 200,000 Bitcoins were recovered.  The Japnese courts in late June approved a petition that ordered Mt. Gox to begin civil rehabilitation that had the knock-on effect of repaying creditors in BTC and ending the Bitcoin sell-offs.

Kobayashi has been facing constant criticism form cryptocurrency investors as they alleged that his sales were having a negative impact on Bitcoin prices. In total, the last transactions netted a total of 25,975,702,352 yen ($230,286,153), resulting in an average price per 1 BTC of around $8111 and $1195 per 1 BCH.

The statement also adds that Kobayashi will inform the creditors when and what is the next steps they should take as part of the process of being paid funds lost in Mt.Gox’s 850,000 BTC hack.

Read more: Founder of Bitcoin Exchange Mt. Gox, Mark Karpeles disputes U.S. fraud lawsuit