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.

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SIX Exchange Launches Fully-Collateralized Crypto ETP Denominated in Swiss Francs

Swiss stock exchange SIX has partnered with fintech firm Amun to launch a fully-collateralized cryptocurrency-based financial product denominated in Swiss francs.

According to an announcement, the companies are launching the Amun bitcoin Suisse BTC/ETH ETP (ticker: ABBA), which is the first cryptocurrency ETP denominated in CHF. It allows Swiss investors to gain exposure to a basket of 90% bitcoin and 10% ether using their fiat currency.

This means through the market-weighted ABBA ETP, Swiss investors can gain exposure to more than 75% of the cryptocurrency market. Exchange-traded products (ETPs) are legally obligated to be backed one-to-one by reserves, unlike exchange-traded notes (ETNs). Essentially, every BTC and ETH custodied in the ETP is fully backed.

Hany Rashwan, co-founder and CEO of Amun, was quoted as saying:

The Amun Bitcoin Suisse BTC/ETH ETP was designed for the Swiss by the Swiss to answer a need for a CHF denominated ETP. It represents a unique way for investors to add the two major cryptocurrencies globally to their portfolio via a regulated product listed on SIX and backed by a Swiss-based custodian.

Rashwan added the product “further exemplifies Switzerland’s leading position in the crypto space.” The ETP relies on data supplied by the MVIS index provider, which uses data aggregated by leading cryptocurrency data aggregator CryptoCompare.

It follows numerous other cryptocurrency-based ETPs Amun has launched this year, which give investors exposure to leading cryptocurrencies like bitcoin, ether, XRP, and bitcoin cash. Amen has also launched the world’s first multi-asset crypto index ETP, HODL.

Featured image by Chris Liverani on Unsplash.