• Markets
  • Crypto
  • Web3
  • Culture
  • Opinion
  • Politics
Subscribe
  • Login
  • Register
No Result
View All Result
  • Markets
  • Crypto
  • Web3
  • Culture
  • Opinion
  • Politics
No Result
View All Result
No Result
View All Result

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

17/03/2018 19:01
2 comments

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.

 

Related Posts

Lido Staking Share, June 2022

Lido Votes Against Limiting Staking

Defi dapps DNS hijacked, June 2022

Defi Dapps DNS Attacked

Eminem Apes

Cristiano Ronaldo Binances

Load More
  • Trending
  • Comments
  • Latest
Grayscale's Bitcoin Trust price, June 2022

Grayscale’s Bitcoin Price Falls to $12,000

Ethereum longs, June 2022

Ethereum Longs Spike

Bitcoin and other asset prices, June 2022

Bitcoin Drops Below $20,000

The world's three richest men sold billions at the top

How the Rich Crashed the World

Lido Staking Share, June 2022

Lido Votes Against Limiting Staking

Defi dapps DNS hijacked, June 2022

Defi Dapps DNS Attacked

Eminem Ape

Eminem Apes

Cristiano Ronaldo partners with Binance on NFTs

Cristiano Ronaldo Binances

Comments

Latest News

  • Lido Votes Against Limiting Staking
  • Defi Dapps DNS Attacked
  • Eminem Apes

About Trustnodes

Terms of Service

Privacy Policy

Our Ethics and Values

Trustnodes Newsletter

Trustnodes © 2017-2022. All Rights Fully Reserved. For any Enquiries contact@trustnodes.com RSS Feed

No Result
View All Result
  • Login
  • Sign Up
  • Cart
  • Markets
  • Crypto
  • Web3
  • Culture
  • Opinion
  • Politics

Trustnodes © 2017-2022. All Rights Fully Reserved. For any Enquiries contact@trustnodes.com RSS Feed

Welcome Back!

Login to your account below

Authenticate with MetaMask Loading...

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

*By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?