Mt Gox trustee sold ¥38 billion worth of Bitcoin

Author: Justin Low | Category: Cryptocurrency

And another ¥4.7 billion worth of Bitcoin Cash as well

In a report released here, Mt Gox trustee says that it has sold 35,841 Bitcoins totaling to roughly ¥38 billion and 34,008 Bitcoin Cash worth almost ¥5 billion.

According to a Reddit thread here, the coins were said to be sold during a period between December 2017 and February 2018, with the assistance of a Bitcoin exchange.

The trustee did not disclose which exchange was used for the sale, but rumours are saying that it is Kraken - which is meant to distribute the funds once a decision is made on bankruptcy proceedings. The trustee also still has another 165,000 Bitcoin - currently worth about $1.7 billion - and an equal amount of Bitcoin Cash as well, and it is unclear what will happen to those coins for the time being.

Mt Gox was a Bitcoin exchange in Japan that filed for bankruptcy four years ago after it lost its customers' Bitcoins citing hackers stealing them. Bankruptcy proceedings are still ongoing and it looks like any distribution of funds is unlikely until all proceedings have been settled.