On March 9, 2018, documents distributed at the tenth creditors’ meeting of the infamous exchange, Mt.Gox, went public. They revealed a series of multi-million dollar sales of Bitcoin (available on Coinbase)s.  According to the documents, its bankruptcy trustee, Mr. Nobuaki Kobayashi had claimed to be the author of those sales. The document with Kobayashi’s textual words read as follows:

“Between the 9th creditors’ (September 27, 2017) meeting and this creditors’ meeting (On March 7, 2018), with the permission of the court, I sold a certain amount of BTC and Bitcoin (available on Coinbase) cash (“BCC”) that belonged to the bankruptcy estate. The quantities sold and the amount paid into the bankrupt trustee’s account are shown below.”

The multi-million dollar sales coincided with the exact time that Bitcoin (available on Coinbase) prices fell the most in recent months. According to a Reddit forum sales were made from a series of wallets traceable to Mt.Gox which resulted in, or happened curiously close to, the largest and most atypical bearish candles of the month.

However, while some consider the impact to be sTron (available on Binance)g, other research says otherwise: According to Coin Telegraph there is no reason to become alarmists:

“The data shows us that Kobayashi’s actions were not as significant to the price of Bitcoin (available on Coinbase) in the short run as some individuals believed they were. That being said, the amount of cryptocurrency under Kobayashi’s management could have the ability to create a panic that causes investors to sell off their cryptocurrency – especially if they get a glimpse at a sell wall created by Kobayashi.”

After an intense debate, marked above all by Mr. Nobuaki’s secrecy, the silence was broken. In a document published on the Mt.Gox website known as Q&A regarding 10th Creditors’ Meeting Report, Mr. Nobuaki answers a series of questions relating to the sale of cryptocurrencies, with a special focus on his multi-million dollar sale of BTC and BCH.

According to the report, the whale denies any responsibility for the fall in Bitcoin (available on Coinbase) prices, as it mentions that sales, in addition to being made separately and in quantities that did not cause sell walls, had other characteristics that would give a minimal impact to the price of Bitcoin (available on Coinbase):

He also mentions that his trade was not impulsive, but rather that he had expert advice on the subject (without specifying who these would be). Similarly, although the previous paragraph checks the cooperation with an Exchange, it should also be noted that the sales did not use this type of platform to be completed. He didn’t give any more details about these transactions:

“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. Therefore, I believe that the sale of BTC and BCC by us did not affect their market prices.”

If his words are right, the bearish behavior may be natural, but he is already beginning to have critics who think that Mt Nobuaki is just defending himself. Fair practice that could give Holders peace of mind that their investment won’t fall as a result of some manipulation. In the end, everyone is free to make their interpretations, but the truth is that it now becomes easier to make an objective statement when one can know the trustee’s approach when negotiating.

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