Tokyo Whale Prepares 8,000 BTC Dump as Crypto Bloodbath Continues

One of the key drivers behind recent negative price movement is the actions of the Mt Gox bankruptcy trustee Nobuaki Kobayashi, who appears to be preparing for another massive sell-off.

The ongoing Mt Gox bankruptcy has captured a significant amount of negative attention from the cryptocurrency community in the last year, with many market participants pointing to the manner in which Kobayashi is liquidating the remaining crypto holdings of the now-defunct platform as the catalyst for dramatic price fluctuations.

The move sparked intense speculation, with many crypto investors and traders fearing an impeding Bitcoin price destabilization should the tokens be dumped on the market.

While the 16,000 BTC transaction that occurred in late April this year appeared to have no significant impact on the market, a more recent move from the Mt Gox trustee has resulted in a relatively large effect.

Mt Gox Trustee Liquidates BTC. The recent Mt Gox Bitcoin transaction has alerted the cryptocurrency community, with many market participants criticizing Kobayashi for his purported irresponsibility in disposing of the defunct exchange's remaining assets.

Someone please tell the drunk Mt. Gox trustee person to stop using cryptocurrency exchanges and move to the over-the-counter market.

"I sold BTC and BCC from December 2017 to February 2018 with the cooperation of a cryptocurrency exchange in light of the market price at the time of the sale. Following consultation with cryptocurrency experts, I sold BTC and BCC, not by an ordinary sale through the BTC/BCC exchange, but in a manner that would avoid affecting the market price, while ensuring the security of the transaction to the extent possible. The method of sale of BTC and BCC was approved by the court as well."

The high-profile nature of the Mt Gox bankruptcy, combined with the large amount of Bitcoin the trustee now manages, makes the movement of Mt Gox Bitcoin a point of concern for many crypto traders and investors.

Mt Gox still holds a large amount of Bitcoin - according to publicly available blockchain data, Mt Gox wallets still hold a balance of 137, 891 BTC. The total value of these holdings now exceed the amount owed to Mt Gox credits - Kobayashi is thus tasked with liquidating the assets on behalf of creditors.

In September 2017, Kobayashi confirmed that, under Japanese bankruptcy laws, the remaining assets of the bankrupt exchange - worth $550 million at the time - would be distributed amongst Mt Gox shareholders.