As it prepares to return money to investors, the trustee for Mt Gox has sold a lot of Bitcoin and Bitcoin Cash…
The story of the Mt Gox cryptocurrency exchange rumbles on. Following a high profile digital heist on the exchange over four years ago, that led to the theft of Bitcoin that went on to be worth billions, the wait has been on from investors to get at least some of their funds returned.
That process is set to start in the last quarter of this year, with Mt Gox – that ultimately collapsed in 2014 and is now under the stewardship of trustees – setting an October 22nd deadline to file claims for lost coins. After that, refunds are expected to begin that, as we previously reported, could see the market flooded with Bitcoin.
Or could it?
In what’s been a volatile year for cryptocurrency prices, it seems that the trustees opted to take a slightly different approach. Trustee Nobuaki Kobayashi has unveiled details of a sale of cryptocurrency that took place earlier this year. It unloaded, at a point commencing in March 2018, over $200m worth of Bitcoin and Bitcoin Cash in total, converting them into traditional fiat cash. It made the move as “a measure to secure interests”, which presumably translates as the trustees feared crypto prices were going to fall, and fall far.
The full announcement can be found here, and it confirms that “the bankruptcy trustee has already secured a suitable amount of money”. The proof, of course, will be when the assorted claims begin to be properly settled. Only then will the light of Mt Gox finally be dimmed.