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

Nouriel Roubini Threatens To Sue BitMEX & Arthur Hayes Over Tangle in Taipei Fiasco

Michael LaVere
  • NYU Professor Nouriel Roubini has threatened to sue BitMex & Arthur Hayes over debate footage. 
  • Twitter conversation has devolved into insults and references to crypto investors as 'degenerates' and 'gamblers'.

What began as a somewhat light-hearted debate between two opposing bitcoin mindsets has devolved into a fiasco. New York University Professor and bitcoin critic Nouriel Roubini has threatened a lawsuit towards BitMEX and its CEO Arthur Hayes over what he calls unfair treatment in the aftermath of their ‘Tangle in Taipei’ debate.

Roubini Threatens Lawsuit

Roubini claims to be unfairly represented in a video of the debate released by Arthur Hayes. According to the NYU Professor, Hayes prohibited organizers of the event from live-streaming the discussion, in addition to blocking audience members from recording what was being said.

Hayes now owns the media rights to the debate, including the only footage existing between the two. 

The Block was able to publish a transcript of the debate, but Roubini claims the footage eventually released by Hayes to media outlets was purposively doctored to misrepresent him and support a pro-bitcoin stance. 

Roubini took to Twitter on July 5 with harsh words for Hayes, publicly insulting the crypto exchange CEO. 

Trading Insults

Roubini has continued to refer to bitcoin and crypto-asset investors as gamblers, a theme he continued in his debate with Arthur Hayes.

The NYU Professor said, 

“These [crypto investors] don’t give a shit about anything...they make money off gambling.”

Roubini also has a pinned tweet on his official account calling the BitMEX business model an attempt to bankrupt “degenerate gamblers” and “clueless retail suckers” with their 100-times leverage product. 

In the debate, Hayes called out Roubini’s unprofessional behavior and personal insults, questioning why a professor at a prestigious institution would sink to that level. 

Twitter users weighed in on the exchange, with some imploring Roubini to consider his behavior before further tarnishing his reputation. 

Others seem to be enjoying the show.

Earlier today, BitMEX published a “teaser” to the debate and indicated that more would follow.