MT Gox Trustee Says He Sold Bitcoins at a “Fair Price”

Nobuaki Kobayashi, the Japanese MT Gox trustee of some 165,000 bitcoins and bitcoin cash, says “I believe that they were sold at a fair price, given the market prices at that time,” in an apparent response to critics.

In a self-directed questions and answers session, the illusive Kobayashi who has not given a public media interview for the past four years despite his significant role, says:

“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.”

Who exactly was in court to argue against his suggested method of sale is unclear. We’d think no one, because he provided no public notice to creditors of a proposal to sell the bitcoins. Therefore no one knew of it.

If no one of standing was in court to argue against it, then we’d think the court would have automatically granted whatever he asked as that is how courts work.

Nor is it clear why he thinks the method of sale needs be secret because that might somehow affect his future ability to sell. Just as the real reason for his lack of forthcoming with creditors in transparently naming the exchange that assisted him remains unclear.

Kraken (CEO pictured on the left with Kobayashi on the right) has stated they did not assist Kobayashi, yet Mark Karpeles, the former MT Gox CEO, appeared to have inside knowledge of the sale, so stating that an exchange was involved even though Kobayashi did not so publicly state until now.

Which might indicate that the expert advice is from none other than Karpeles himself, who is seemingly leading efforts towards civil rehabilitation of MT Gox.

“I am not against the commencement of civil rehabilitation proceedings, and I also understand the concerns of the examiner,” Kobayashi said.

The examiner effectively told him to sell the bitcoins in a report in order to secure the interests of fiat holders, at which stage there would be no point to civil rehabilitation, the examiner said.

Seemingly in line with that recommendation, and perhaps to keep running what we presume are fat legal fees for Kobayashi who has still not distributed the fiat or crypto funds, he apparently did sell them through some secret method that he fails to reveal to his fiduciaries presumably because he has discovered such an ingenious way of selling them that does not in any way crash the price.

Even though the data says quite the opposite. And since such data is public while his statements are in no way verifiable, MT Gox creditors should perhaps be asking far more questions, with preferably some evidence in answers.

Just as should the Japanese court because they are making their legal system appear far too arcane.