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$158 million Bitcoin & $10 million Bitcoin Cash sold in March 2018 by Mt. Gox trustee

Priya

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$158 million Bitcoin & $11 million Bitcoin Cash sold in March 2018 by Mt. Gox trustee
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On 25th September, Mt. Gox, a cryptocurrency exchange platform, popular for its hack in the cryptocurrency space announced the ‘Measures to Secure Interests of Bankruptcy Creditors’ as a part of the civil rehabilitation proceedings.

Recently, as per the instructions of Tokyo District Court, Mt. Gox commenced the civil rehabilitation filing. Succeeding which, Mt. Gox is required to present the civil rehabilitation plan to the court in the month of February 2019.

The new document released by Mt. Gox has underlined the measures taken by the trustee, Nobuaki Kobayashi with the intention to pay off the creditors. It stated that the Kobayashi sold a portion of Bitcoin [BTC] and Bitcoin Cash [BHC] on 7th March 2018.

The trustee had sold 24,658.00762 BTC and 25,331.00761 BCH in the month of March 2017. This is more than $158 million worth of Bitcoin and $10 million worth of Bitcoin Cash.

This was speculated to be one of the factors for Bitcoin crashing in the market in the month of March. According to CoinMarketCap, Bitcoin was trading at $10000 at the beginning of March and closed at $8000 at the end of the month.

Ever since then, the coin has not breached the $10000 mark and is known as one of the biggest bloodbaths for the year. In addition, some market speculators even believe that the December 2017 crash was also the effect of Mt. Gox sell-off.

Moreover, the report stated that the BTC and BCH were sold post the approval from the Tokyo District Court and the examiner. Succeeding which, Nobuaki Kobayashi’s account had an approximate of 70059 million JPY [more than $6 billion]. In addition, the trustee had an agreement with Sumitomo Mitsui Banking.



The sale which occurred in the month of March 2018 could have occurred because the claims were registered in Japanese Yen because of the Japanese bankruptcy law. As per the law, the creditors would be paid in JPY instead of cryptocurrencies and once the claims are settled, the rest of the cryptocurrencies would be distributed to the shareholders as a part of the liquidation.

However, this year, the creditors filed for a civil rehabilitation under which they would be paid back in cryptocurrencies instead of Japanese Yen. Moreover, according to the rehabilitation plan, all the assets should be distributed to the creditors and not the shareholders including the cash held by the trustee.





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Bitcoin

John McAfee says he will reveal Nakamoto’s identity, Coinbase expands to 11 countries, and more

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John McAfee says he will reveal Nakamoto's identity, Coinbase expands to 11 countries, and more
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Daily Crypto News – April 18

1. John McAfee on Satoshi Nakamoto: The Founder of McAfee Associates stated that he would narrow down on the identity of Satoshi Nakamoto until he reveals Satoshi himself, otherwise he would reveal his identity to the crypto community. He also spoke about how he knows about Satoshi, to read about it, click here!

2. Coinbase expands its services to more countries: The leading exchange platform announced that it expanding its services to 11 more countries, which includes India, South Korea, and New Zealand. People in these countries can avail services provided on Coinbase.com, Coinbase Pro and its app on iOS and Android.

To know more about the countries Coinbase has expanded to, click here!

3. Craig Wright says the crypto-community want to silence him: Craig Wright, the self-proclaimed Satoshi Nakamoto, stated that the majority of the community was against him as they “desire to silence” him because they see someone who would bring an end to scams and pumps and dumps.

He also spoke about the next steps he would be taking in terms of the legal action concerning his defamation case. To read about it, click here!



4. Binance “marks the birth of a new genesis block”: The largest cryptocurrency exchange in terms of trade volume announced the launch of its Decentralized Exchange, and also stated that the mainnet swap would take place on 23 April 2019.

To read more about Binance DEX, click here!





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