Mt. Gox Bitcoin Sell Off Has NOT Been Paused Until September

News broke this weekend that the influential bitcoin holder (Nobuaki Kobayashi, the lawyer and trustee of Mt. Gox) was not allow to sell of the remaining bitcoins due to a court hearing thats suppose to take place on September 2018, in which the court will determine what to do with the remaining bitcoins, a move that has helped the market recover a bit over the weekend.

But the reality is Mr. Kobayashi has the right to sell the remaining bitcoin whenever he wants without the courts permission, and the meeting on September is just an creditors meeting.

The trustee sold more than 35,000 bitcoin, worth about $400 million at the time, to pay off creditors, according to details of the sale published by a company trustee last week. In order to pay back creditors, the trustee for Mt. Gox sold 35,841 Bitcoins and 34,008 Bitcoin cash on behalf of the company since September of last year. This flood of bitcoin could have contributed to recent downward pressure the market is experiencing.

Mt. Gox was a really popular bitcoin exchange back in 2014 that was hacked for 850,000 bitcoins and filed for bankruptcy.

Mt. Gox is the gift that just keeps on giving. Im sure this event will continue to affect the price of bitcoin this year. The fact that the trustee decided to sell all of the bitcoins in the open market instead of in a private sell seems fishy to be. I would be very careful of Kobayashi, he does not seem to have the right intentions.

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IT and Blockchain enthusiast, geek and gamer since for ever.

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