So it was Mt. Gox trustee Nobuaki Kobayashi all along. The guy who is responsible for handling the remaining funds of bankrupt cryptocurrency exchange Mt. Gox. With ‘handling’ being too nice to describe the trustee’s m.o.
When Mt. Gox went broke it was already a cryptocurrency sh*tstorm in its own right and of unprecedented proportions. But Kobayashi for one isn’t too shy at all, to take a dump – excuse our French – on top of this turd pile called Mt. Gox.
Correction: the poolboy and the butler are innocent
And now, after a months long cryptocurrency whodunnit, we finally know who was responsible for the major dip in bitcoin prices. And (as always) altcoin prices plummeting in its slipstream. After suspecting both the butler and the poolboy we now know it was the trustee (of course, it’s always the trusty) who planted a knife in crypto’s back. And turned the community straight into a mild winter depression.
You couldn’t make it up.. dumping $400 million in BTC and BCC on exchanges. In an attempt to pay back creditors. But in fact battering bitcoin down to the 6k mark. And if that’s not disruptive enough.. even panic selling the dip when BTC was already on its knees and markets panting from the excessive amount of coins it had to absorb. You. Couldn’t. Make. It. Up. If cluster f*cks didn’t exist, Mt. Gox trustee Kobayashi would have invented them.
And this is not the end of the clubbing of bitcoin into dank submission (*). With an abundance of $1.7 billion of bitcoin and $197 million of bitcoin cash left in crypto-crook Nobuaki Kobayash’s pockets. Waiting to be shamelessly dumped into the markets. Which could make Mt. Gox’s creditors even penny wise pound foolish. Painful. Getting some pennies back but losing big time over a crypto market that’s over-flooded by an excessive amount of coins.
How to keep track of future sell offs
So are you keen to keep track of future sell offs from the Mt. Gox remains? @matt_odell developed a nice tool that helps you to follow how much crypto is dumped into the markets. A tool that can help both investors and media to understand why crypto markets act the way they do. Instead of blaming plunges on a mice infestation at a Japanese exchange. Or Roger Ver suffering from an acidic stomach.
One side note: Matt Odell’s conclusion that the Mt. Gox trustee is done with his crypto sell off, seems a bit too premature in our humble opinion. Mr. Trustee doesn’t appear to care too much about the ecosystem’s health. So what would keep him from chucking even more coins into the markets, somewhere in the future.
Watch the 26th of September closely in this regard. That date the next curator meeting is scheduled and more crypto might be dumped.
“Now that he has successfully sold enough bitcoin & bitcoin cash to cover the ~$414M owed to claimants, he is probably done selling. No coins have moved since Feb 5th.”
If there’s something uplifting to learn from this dreadful crypto episode, it is that setbacks like these always lead to the community getting more committed. Great work. Visit the tracking tool here. Donations to the guy who helps us avoiding FUD here:
4/ Site setup for tracking the remaining 162k bitcoin under Mt Gox trustee's control: https://t.co/0wOB0yx4tW
Now that he has successfully sold enough bitcoin & bitcoin cash to cover the ~$414M owed to claimants, he is probably done selling. No coins have moved since Feb 5th. pic.twitter.com/tTWhy7ID9y
— Matt Odell (@matt_odell) March 9, 2018
Disclaimer: we don’t do investment advice.