Mt. Gox Trustee Confirms Liquidation of $230 Million Worth of Bitcoin and Bitcoin Cash

Siamak Masnavi

On Tuesday (25 September 2018), Nobuaki Kobayashi, the trustee of now-defunct crypto exchange Mt. Gox, confirmed via a statement that he had liquidated around $230 million worth of Bitcoin (BTC) and Bitcoin Cash (BCH) in the most recent round of sales.

As you probably already know, Mt. Gox was a Bitcoin exchange in Tokyo, Japan founded in 2010. By the beginning of 2014, it was handling around 70% of all Bitcoin transactions worldwide. Then, in February 2014, Mt Gox. suddenly stopped trading, and declared bankruptcy.

According to Reuters, on 28 February 2018, the exchange filed for bankruptcy protection, claiming that it had been hacked, and that it had "lost 750,000 of its users’ bitcoins and 100,000 of its own." At that time, one BTC was worth around $565, which means that the exchange had suffered a loss of around $480 million.

At a press conference held at Tokyo District court on 28 February 2018, the company's CEO, Mark Karpeles said:

"We had weaknesses in our system, and our bitcoins vanished. We've caused trouble and inconvenience to many people, and I feel deeply sorry for what has happened."

Yesterday, Japanese lawyer Nobuaki Kobayashi, who is called "Tokyo Whale" by some members of the crypto community because of the multiple rounds of sales of crypto he has overseen since last Autumn as part of the liquidation of Mt. Gox's assets, said in a statement that in order to secure the interests of the company's creditors that he had sold a "a certain amount of" BTC and BCH "during the period from the 10th creditors' meeting in the Bankruptcy Proceedings (ie, from March 7, 2018) to the commencement of Civil Rehabilitation Proceedings," and "secured a certain amount of money for the bankruptcy estate."

In total, 24,658.00762 BTC and 25, 331.00761 BCH were sold during this period, and the total proceeds from the sale was JPY 25,975,702,352 or approximately $230 million. This means the Mt. Gox trustee managed to sell each bitcoin at an average price of roughly $8,100.

According to data from CryptoCompare, at press time, Bitcoin is trading at $6,446, down 0.3% in the past 24-hour period.

Featured Image Credit: Photo via Pexels.com

Is Twitter CEO Jack Dorsey Buying $10,000 Worth of BTC per Week?

Colin Muller
  • Twitter and Cash App CEO Jack Dorsey bought $10,000 of Bitcoin last week
  • Dorsey wants to take an active role in Bitcoin's success

CEO and co-founder of Twitter, and CEO and founder of Square Jack Dorsey seems to be buying a lot of Bitcoin, mentioning offhand that he had reached his weekly Bitcoin buying limit of $10,000 on his own Cash App platform (developed by Square).

This juicy tidbit came during a recent interview on the Tales From the Crypt crypto podcast. Marty Bent, the show’s host, was talking to Dorsey about the Twitter-based #stackingsats Bitcoin-buying campaign (ca. 8 minutes), to which Dorsey replied:

I saw that on Twitter, all the screenshots, I thought that was awesome. I would have participated, but I already exceeded my [Bitcoin buying] limit on Cash App. So, I couldn’t purchase any more [Bitcoin].

Twitter, Square CEO Jack Dorsey

Bent said that “There’s always tomorrow,” to which Dorsey responded “Tomorrow I probably can, I think we have a limit that rotates every week or so.”

As reported, when support for buying and selling cryptoassets launched on Cash App about a year ago, the weekly limit for Bitcoin buying is indeed $10,000.

Of course, it is possible that Dorsey decided to buy the maximum amount of Bitcoin only on that particular week - or some other byzantine explanation. Because Bent and Dorsey (cagily) did not elaborate, the reader must decide how likely this possibility is.

Crypto Superfan

What is beyond speculation, however, is Dorsey’s rapidly rising stature in the cryptocurrency community and industry.

The CEO first divulged his affinity for Bitcoin and crypto last month, during an interview with the Joe Rogan on his Joe Rogan Experience YouTube show. (Dorsey just happens to be back on the Joe Rogan Experience today, 6 Mar., in response to the criticism he received for his first visit, accused of facing soft-ball questions from Rogan)

Imagine being born this year, only knowing that the potential for a global currency [e.g., Bitcoin] exists. That - is exciting [...] You kind of see this with the adoption of any critical technology [e.g.] You see children today going up to any screen and having an expectation that they can slide it, and touch it, and zoom, and use their fingers. And it just speaks to the impact that the iPhone and the iPad had in changing the expectation [...] the same will be true for Bitcoin and blockchain and digital currency.

Twitter, Square CEO Jack Dorsey

He has stated that he thinks Bitcoin is the “native currency of the internet,” adding during his interview with Bent that “[he] can’t think of anything more exciting than [having a native internet currency].” Dorsey sees himself as taking an active role in the success of Bitcoin. He added during the interview that: “I don’t want to wait around [...] for that to happen, to me, or to us as a company - I want to help make it happen.”

Earlier this year, he backed a Lightning Network trust chain that saw users pass an increasing amount of satoshis between each other, and has shown off he's setting up his own Bitcoin Lightning Network node.

(Featured image from interview at Youtube.com)