Japanese Bitcoin Whale Has Sold $400 Million So Far

He is considering to sell many more in order to distripute his creditors.

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Maybe he is not the typical Bitcoin whale, but Nobuaki Kobayashi has become a force to be recognized within the cryptocurrency community.

On Wednesday, the Tokyo bankruptcy trustee and attorney for the currently defunct Mt. Gox exchange reported that he sold almost $400 million worth of Bitcoin Cash and Bitcoin since late September. Kobayashi is sitting on another $1.9 billion tokens and he may consider offloading these too as he raises cash to distribute to the creditors of Mt. Gox.

Mt. Gox was once the biggest Bitcoin exchange in the world. It filed for bankruptcy protection 4 years ago after revealing that it lost 850,000 Bitcoins, worth about $500 million at that time. The company blamed hackers for this loss. However, it later said that it recovered almost 200,000 Bitcoins.

What price can an investor achieve is he offers a huge amount of Bitcoins?

Although Mr. Kobayashi didn’t offer details regarding his strategy for offloading the coins, he claimed he tried to get the highest price possible. His report on the website of Mt. Gox suggests his Bitcoin sales since September reached the equivalent of $10,105 per BTC on average. On Wednesday, the major cryptocurrency was trading at $10,554 as of 10:15 a.m. London time.

Also read: UK firm linked with the hacked coins from Mt Gox

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