Nobuaki Kobayashi, the Mt. Gox trustee, who was tasked to sell about 200 000 bitcoin after the bankruptcy of the exchange Mt. Gox, is suspected to have dumped another 8 000 bitcoin on the cryptocurrency market.
The Mt. Gox trustee has sold bitcoin and bitcoin cash worth more than $400 million since September last year till March this year. At the end of April this year Mt. Gox Trustee Wallet sent out 16 000 BTC.
Today, on May 11, four wallets of the Mt. Gox trustee moved around 2 000 bitcoins each, sending over 8 000 bitcoins in total over the past 24 hours. Considering that Nobuaki Kobayashi was asked to sell over 200 000 bitcoins and convert it to Japanese yen by local financial authorities, it is evident that any external movement of the Mt. Gox trustee’s funds likely means that they are being sold on cryptocurrency exchanges.
Though the Mt. Gox trustee could use the over-the-counter (OTC) market and directly deal with large-scale investors that are willing to purchase thousands of bitcoins, he has opted to sell its funds on cryptocurrency exchanges, leading the cryptocurrency market to drop by large margins.
Another reason for today’s cryptocurrency market decline is the news that the crypto exchange Upbit is suspected of fraud.