RATE Group | Mt Gox Trustee Has Sold $230 Million in Bitcoin, Bitcoin Cash Since March
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Mt Gox Trustee Has Sold $230 Million in Bitcoin, Bitcoin Cash Since March

26 Sep Mt Gox Trustee Has Sold $230 Million in Bitcoin, Bitcoin Cash Since March

Posted at 00:47h in Bitcoin News by

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The trustee for the now-defunct cryptocurrency exchange Mt. Gox has revealed new details about the pace of cryptocurrency sales as part of the firm’s bankruptcy and rehabilitation process.

Attorney Nobuaki Kobayashi explained in a September 25 notice on the Mt. Gox website that over $230 million dollar’s worth of bitcoin (BTC) and bitcoin cash (BCH) had been exchanged for fiat currency between March 18 and the start of civil rehabilitation on June 22.

According to the notice, the trustee sold 24,658.00762 BTC and 25,331.00761 BCH – quantities that brought in 25,975,702,352 Japanese yen, or $230,269,821.82.

Following the sale, the balance in the trustee account was “approximately JPY 70,059 million,” or around $621 million, Kobayashi added.

In the notice, the trustee also explained that a trust has been set up to preserve funds in fiat for bankruptcy creditors of the exchange.

Explaining the move to sell off the cryptos before the civil rehabilitation was…

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