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Latest statement by Jesse Powell:
For the record, Kraken was asked many months ago for advice on how to sell a large block of coins. Our answer was:
1. don't sell coins
2. If you have to, do it with an auction, which Kraken can facilitate
3. If you want to do it more privately, let Kraken's OTC desk broker it for you
We were explicit about not dumping a large amount of coins on the market. Unfortunately, it looks like the trustee made their own decision or was taking advice from elsewhere -- maybe whatever exchange they dumped those coins on. We had zero knowledge of these sales happening until it was announced at the recent creditors' meeting. Unfortunately, we have no visibility in to where, how or why the trustee sold those coins, nor whether any precautions were taken to prevent front running or self-dealing. Hopefully, the trustee will make it clear what their process was and put the questions to rest.
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Correction: that map points to the transfer dates, but the precise sale numbers (amount, price, time) are not publicly known yet. It's up to the Trustee or the Court to disclose the information. |
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From what I understand he may be bail after the creditors get paid he's a free man with no charges, AND he will get the money, im not sure if in japanese yens or in bitcoins.. I assume it will be in JPY. Some of the other people involved in MtGox will also get the money, but Karpeles owned 88%... he will become one of the biggest whales in bitcoin.
And originally there were 850,000 BTC stolen and only 200k are being talked about, so there are a lot of BTC that were never recovered from what I understand, so I wonder if Karpeles owns these too somewhere.
I was under the impression that that Russian bloke from BTC-e had a large amount of it away. He's still languishing somewhere being squabbled over who gets to try him. Throughout all of this I still don't understand why little to no mention has been made of Gox's fiat. There must have been a very substantial amount of it. Where did it go and who has it? Vinnik is supposed to have at least laundered, if not stolen himself, the missing MtGox coins. As for the missing fiat, it's still a mystery... https://blog.magicaltux.net/article/Alexander-Vinnik-indictment |
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The trustee has been selling in batches, not "months ago":  As you see, the last sale was very recently, and it was the biggest one at 6k. Apparently he has to sell to pay the creditors, THEN the remaining coins will go back to Karpeles, or that is my understanding, which is pretty shocking, since we will be at the mercy of this fat ass selling or not. I hope he isn't dumb enough to crash the market. The first sale was in December, the last sale was over a month ago, so "months ago" applies. The MtGox sales had nothing to do with yesterday's dumps. And I strongly complained about the last sale, I believe he panic sold like a n00b, close to the bottom. On the 5th February I posted in this forum that a bottom is close, and I bought on the 6th at 6,277$, while the Trustee made a 50 million $ mistake. The remaining coins might go back to Karpeles, whose recent posts on reddit are bearish, but only if Civil Rehabilitation will be rejected by the Court. |
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The Trustee sold close to the 6th February bottom because he is a panic seller, not because he wanted to crash the market. And he has only ~166k BTC left, not 180k as the article above claims. Hopefully the Court will forbid him to sell any more BTC. I see.. I mean it's possible that he was just panic selling.. or not, we don't know what was on his mind or in his agenda. He could have been bought by someone that hates bitcoin in order to sell at certain times. In any case, who is this creditor and why does he has this money? how can Court stop him from selling? did the US government or the Japanese government ever get all of Gox coins? I lost track of this case a long ago. If they have the creditor controlled then why was he allowed to sell if it's not to pay the victims? I have so many question about the MtGox drama. Last time I heard about MtGox news is that somehow Karpeles managed to keep a ton of BTC and he was now free and a billionaire which was pretty crazy to find out. Edit: K, i just found it's some guy called Nobuaki Kobayash. If you'll read the reddit thread I linked to in the thread you started, some of your questions would be answered. The Court could forbid Trustee Kobayashi to sell bitcoins if there is no good reason to do so, also if the lawyers behind the CR petition persuade the Court to stop him. The Trustee, under bankruptcy rules, and with approval of the Court, decided to sell enough BTC and BCH in order to cover all the approved bankruptcy claims (in JPY). IMO he should have only sold BTC and BCH to cover for the ~48 million $ approved fiat claims, and let the BTC claims dealt with under CR rules (if CR gets approved). Karpeles is free right now, but this may change, and he could become a billionaire, if CR will be rejected and bankruptcy distribution happens. |
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The Trustee sold close to the 6th February bottom because he is a panic seller, not because he wanted to crash the market. And he has only ~166k BTC left, not 180k as the article above claims. Hopefully the Court will forbid him to sell any more BTC. |
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This dump flipped the daily PSAR to bearish, and pushed price close to the daily lower BB.
12h and 24h MACD are still positive, the market should be able to recover soon.
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The MtGox bankruptcy settlement situation demonstrates one more time that The Law Is An Ass.
It is pretty well established in western law that such settlements be conducted on a cash basis. It seems the Japanese courts administering the MtGox deal will hew to this doctrine. As such, creditors will likely be 'made whole' [sic] by awarding them the Yen value of their MtGox accounts, calculated using the price of Bitcoin on the date of receivership.
Of course, BTC has appreciated exorbitantly since then. Given this, MtGox's residual BTC holdings are well in excess of its debts as calculated as per above. Indeed, the recent sale has generated enough fiat to 'make whole' [sic again] the creditors. After this, there remains ~$1.5 B USD worth of crypto in the MtGox coffers.
Again using the established legal protocols, this BTC will likely be considered the property not of MtGox creditors (i.e., after they have been 'made whole' [sic *3]), but of MtGox itself. While the picture is still cloudy, this may result in the rather perverse situation that Karpeles exits this process a very rich man.
The good news is that the required selling would seem to be over. The questionable news is the fate of the remaining funds (i.e. ~3x-4x more than sold so far) remains in limbo, and may be sold at any time, given case disposition. The Vonnegut-esqe news is that a single individual -- either corrupt, incompetent, or both, but clearly undeserving in any instance -- may end up a billionaire.
The Law Is An Ass.
If the Court will reject the Civil Rehabilitation, and continue with bankruptcy, you would be mostly correct. But the Court seems likely to accept CR, it's more a matter of timing. Please read this: https://wiki.mtgoxlegal.com/en/home/frequently-asked-questions/I am copy-pasting here the Fisherman analogy from the page linked above, I think it's funny: A rare type of fish (pisces bitcoinii) is caught every year, by local fishermen (depositors). The fish must be stored in a climate-controlled warehouse so that it will continue to taste good. Fishermen rent space in a common warehouse (Mt. Gox) that also serves as a market, to store their catch of fish during the last season. Some fish-buyers and fishermen also store money (fiat) in the warehouse for short periods of time, but the warehouse is mainly used to store fish (bitcoins). One year, the warehouse owner (Mark) took a long vacation to Macau (did something irresponsible), and left nobody guarding the warehouse. While he was gone, 75% of the fish and all of the money were taken by thieves. The remaining fish are mixed up so it’s unclear who they belong to (unsecured assets). When the warehouse owner notices this, he declares bankruptcy. The fish are taken by the bankruptcy trustee, who prepares to sell them and distribute the money from the sale to the fishermen. He takes a very long time though, because a bookie is demanding the fish be sold to pay the warehouse owner’s gambling debts (Coinlab). The next year, the fish that are caught are mostly infected with worms. The price of last year’s fish catch skyrockets, and is 50 times higher than the previous year! One of the largest reserves of this fish is in the possession of the trustee. And meanwhile, the fishermen are in danger of losing their boats because they have no money, and some have taken out loans with high interest. The bankruptcy trustee proposes to sell all the fish, pay the fishermen based on last year’s price, and then give the remaining money to the warehouse owner. This outrages the fishermen, who believe that they should be the ones to benefit, since it is their fish that are now in such high demand. It was the warehouse owner’s negligence that caused the theft, and he would be made very rich indeed if the trustee’s plan moves forward. Meanwhile, the bookie is still wasting the court’s time, claiming the fish need to be sold to pay off the warehouse owner’s gambling debts. The fishermen aren’t sure if next year’s catch of fish will be infected with worms or not. If they are, the price will go up even more, but if not, the price will plummet, and the fishermen would all like to be able to sell at least some of their fish while the price for them is high. |
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The trustnodes article is garbage. And the February 2018 crash wasn't caused by the Trustee, AFAIK he panic sold 18 thousand BTC close to the February 6th bottom. As a MtGox creditor, I wish the crash would have been caused by the Trustee, by selling high, but this was not the case. |
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Not bad securing the funds for the "as promised" reparations; regardless, I wonder what happened to the other dozen of forks... (BTG, BTX, BTD... here's a list: https://bitcoinforks.io/) Granted, some of them are scams, and / or low volume, or even peanuts now... but I would want my share if they don't mind, just in case BTC goes to 100K.  IMO pretty poor performance by the Trustee. He sold BTC at an average of ~10 k$, while median price between December and February is about 13 k$. He also shouldn't have sold so much, because the approved fiat claims were only ~42 million $. He sold enough to cover all approved claims, fiat and BTC ones. That's because the MtGox estate is still operating under bankruptcy rules, and all approved claims are in JPY. About the forks, so far he has only secured the BCH, but no other forks, and missed all airdrops. |
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 PS. Thanks to Micky25 for meriting it. |
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The only bearish event that could test, and maybe break support at 9.2 k$, is a possible sale of up to 40 thousand BTC and BCH by the MtGox bankruptcy trustee.
Funny (or rather very sad for the MtGox creditors), the sale already happened... So it might have contributed to the February crash. |
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A major dump could make PSAR flip to bearish in quick succession, for the 1h, 2h, 6h and 12h time frames.
 Dump flipped 1h, 2h and 6h PSAR to bearish, but not yet the 12h. Going to bed, will try to catch the bottom tomorrow morning.  |
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A major dump could make PSAR flip to bearish in quick succession, for the 1h, 2h, 6h and 12h time frames.
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Wrong question, you should ask which indicator is preferred by traders, and it is MACD crossing. Just look at the pumps, they all happen on MACD crossings, as a risk reduction strategy.
The problem is to guess on which time frames the pump will happen, and if you miss it (you only have minutes to panic buy), where will the following minor correction find support.
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The only bearish event that could test, and maybe break support at 9.2 k$, is a possible sale of up to 40 thousand BTC and BCH by the MtGox bankruptcy trustee.
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