Tokyo Whale Nabuaki Kobayashi Dispense $230 Million Worth of Bitcoin in Mt Gox Wind Down

The trustee liquidating digital currencies on behalf of defunct Mt. Gox has sold another 25.98 billion yen ($230 million) of Bitcoin (BTC) and Bitcoin Cash (BCH).

Nobuaki Kobayashi stated on Tuesday that the sales were done in the time frame since the 10th creditors meeting was held on 7th March. The sum compares with 43 billion yen in the previous year sales that had been reported almost six months ago.

The “Tokyo Whale”

Cryptocurrency traders and investors carefully trail the moves of Kobayashi, who has been nicknamed the “Tokyo Whale” by the crypto community due to the big number of tokens that he owns.

Mt. Gox, a Japanese based company that was once a giant BTC exchange, applied for protection from creditors almost four years ago after claiming that it lost 850,000 Bitcoins. By then, the loss was valued to be $500 million but currently, it is equal to $5 billion.

The non-operational firm that later stated it recovered almost 200,000 Bitcoins, cast their blame on hackers for their loss.

Based on the yen generated and the number of cryptocurrencies auctioned, the latest auction got an average value of $8100 for every BTC, according to estimations done by Bloomberg. BTC declined by 3% to $6425.01 on Tuesday when the disposal was being done while BCH declined by 6.7% to $436.65.

Become A Financial Analyst at TheOofy.com: Signup now to start sharing your experience. Disclaimer: The information on this site is provided for discussion purposes only, and should not be misconstrued as investment advice. Under no circumstances does this information represent a recommendation to buy or sell securities.
mm
John Makori is a cryptocurrency writer with background in IT and journalism. He has lived in different countries, and settled in Canada. He has more than 4 years of experience working as a journalist with interest in Bitcoin and Cryptocurrencies. He’s passionate about learning Blockchain technologies’ potential to reshape all aspects of our lives. He joined TheOofy as a writer.