Mt Gox, the bankruptcy trustee of the now-defunct Japanese Bitcoin exchange platform sold as much as $400 million Bitcoin. Trustee Nobuaki Kobayashi revealed that JPY 42,988,044,343 worth $405 million at press time value was generated. The trustee liquidated 35,841.00701 BTC and 34,008.0071 BCH according to the creditor reports.

Kobayashi explained:

“Following consultation with the court, I considered it necessary and reasonable to sell a certain amount of BTC and BCC at this point. I made honest efforts to trade BTC and BCC as high as possible in light of the market value at the time of sale”

He denied disclosing any more insights relating to the sales. 200,000 BTC was found after a recovery effort to hundreds of millions of dollars worth Bitcoin loss. Post this statement, Bitcoin [BTC] has slowly started gained magnitude and is trading at $8,675.85 currently with a 14.87% gain in the past 24 hours.

Kobayashi declared in a document earlier this month that 35,841 BTC and 34,008 ECH tokens were sold between December 2017 and February 2018 along with 18,000 BTC shifted from the estate’s wallet on the same day. This might be tagged as a coincidence as the time span of the ongoing sale also clashes with the slump in BTC value; dropping from an all-time high of $20,000 to a solid bottom $6000 earlier this year.

Adding on, the trustee also stated that the procedures for further sales of the leftover currencies from the estate are not yet determined. This sale marked a milestone in the slogging process of resolving the bankruptcy case which followed the downfall of Mt. Gox in 2014. This is the time when 70,000 worth BTC was stolen allegedly because of a hack attack which was valued at $340 million during the same period.

Prajith Sehgal, a market reporter says,

“This is bull shit. They’re trying to play the good cop card right now.”

Jessica Thompson, a cryptocurency market speculator says,

“It doesn’t matter if they are sold the coins directly or not. The market still crashed and they are partly responsible for it. There is no right way of selling that many coins in the market without it crashing.”

The post Bitcoin [BTC] hikes by 14% after Mt Gox Trustee Confirms Selling did not affect the price appeared first on AMBCrypto.