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Mt.Gox Trustee Claims Sell Off Did Not Affect Market Price

The Q&A report was published today, the 17th of March, so everything in it is new information. The questions were submitted by creditors at the March 7th creditors meeting. For the English translation, see page 5 to page 9. Section II on “Sale of BTC and BCC” is the most interesting.

Some interesting points:

3 Method of Sale

Q2-3-1) How did the Bankruptcy Trustee sell BTC and BCC?

A) I sold BTC and BCC from December 2017 to February 2018 with the cooperation of a cryptocurrency exchange in light of the market price at the time of the sale. Following consultation with cryptocurrency experts, I sold BTC and BCC, not by an ordinary sale through the BTC/BCC exchange, but in a manner that would avoid affecting the market price, while ensuring the security of the transaction to the extent possible. The method of sale of BTC and BCC was approved by the court as well.

I would like to refrain from explaining the details of the method of sale; otherwise the future sale of BTC and BCC could be hindered. However, at present, nothing has been determined regarding the sale of BTC and BCC in the future.

Please note that the transfers of BTC and BCC from BTC/BCC addresses that I manage to other addresses do not itself necessarily mean that I sold BTC and BCC at the time of such transfers. Please retrain from analyzing the correlation between the sale of BTC and BCC by us and the market prices of BTC and BCC based on the assumption that the sale was made at the time the BTC and BCC were transferred from BTC/BCC addresses that I manage, as such assumption is incorrect.

In the above it sounds like the MtGox Trustee sold BTC and BCC using OTC to a single cryptocurrency exchange since he is claiming the sale was carried out “in a manner that would avoid affecting the market price”. The MtGox Trustee is also denying any direct correlation between the transactions of BTC and BCC and any sale of the two assets.

4 Sale Price

Q2-4-1) Were BTC and BCC sold at a fair price?

A) I made efforts to sell them at as high a price as possible in light of their market prices at the time of sale. I believe that they were sold at a fair price, given the market prices at that time.

The sale prices of BTC and BCC were also determined following consultation with the court.

(…)

5 Others

Q2-5-1) Did the sale of BTC and BCC by the Bankruptcy Trustee affect their market prices?

A) Following consultation with cryptocurrency experts, I sold BTC and BCC, not by an ordinary sale through the BTC/BCC exchange, but in a manner that would avoid affecting the market price, while ensuring the security of the transaction to the extent possible.

Therefore, I believe that the sale of BTC and BCC by us did not affect their market prices.

Please note that the transfers of BTC and BCC from BTC/BCC addresses that I manage to other addresses do not itself necessarily mean that I sold BTC and BCC at the time of such transfers. Please refrain from analyzing the correlation between the sale of BTC and BCC by us and the market prices of BTC and BCC based on the assumption that the sale was made at the time the BTC and BCC were transferred from BTC/BCC addresses that I manage, as such assumption is incorrect.

Read the full report here.

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Mercuun

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

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