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Author Topic: MtGox Trustee Halts Bitcoin Sell-Offs  (Read 235 times)
eaglewhite80
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June 22, 2018, 03:05:59 PM
Merited by CONANEDO (7), LFC_Bitcoin (1), xtraelv (1)
 #1

Defunct Bitcoin exchange Mt. Gox has formally entered civil rehabilitation proceedings, officials announced June 22.

A statement and accompanying documentation confirm the move, which will see attorney Nobuaki Kobayashi act as civil rehabilitation trustee.

Kobayashi was responsible for selling vast tranches of Bitcoin reserves beginning Q4 last year to reimburse Mt. Gox users who lost money in the exchange’s mass hack in late 2013. The sell-offs appeared to have a conspicuous effect on markets, Bitcoin prices tumbling immediately following each transaction, which Kobayashi performed on major exchanges.

“The power and authority to administer and dispose of MTGOX’s assets is still vested exclusively in me, and I will implement the civil rehabilitation proceedings, including the administration of MTGOX’s assets and the investigation of claims, subject to the Tokyo District Court’s supervision,” Kobayashi wrote in the new documentation.

However, due to the bankruptcy proceedings now being halted as part of the civil rehabilitation, Kobayashi will not sell any further bitcoins, with users set to receive compensation in BTC instead of fiat currency as originally intended.

“...In the civil 2 rehabilitation proceedings in this matter, claims seeking a refund of Bitcoins (“Bitcoin Claims”) will also not be converted into monetary claims after the commencement of the civil rehabilitation proceedings,” Kobayashi continues.

Reacting to the news, a group of claimants who had established Mt. Gox Creditors lobby group out of dissatisfaction with progress considered it a mixed blessing.

“...Enormous assets, which were to be distributed to Mt. Gox’s shareholders under the bankruptcy proceedings, will be returned to creditors of Mt.Gox in civil rehabilitation proceedings. This is the creditors’ victory,” a statement from the group reads.

“...However, this victory has not been realized yet. The victory will come to creditors when Mt. Gox makes payment to creditors and creditors actually receive such payment.”

Mt. Gox became infamous in the crypto industry after suffering a hack, followed by a collapse in 2014, resulting in the loss of $473 million worth of customers’ money - the single largest loss of funds in the history of crypto until this year’s $534 million Coincheck hack.

This news I believe will at least douse the sell-off tension in the market and probably cure the MtGox fever. This is what I expected should have been done anyway, right from the onset.

Do you think this should somehow bring about some recovery in the market, or do you think it would have no impact? From what I can see though, I want to assume the downtrend in the market is far beyond the MtGox sell-off which was just more like what added fuel to it, but the downtrend was rather imminent from the manipulated FOMO activity that happened last year. What are your thoughts on this?

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June 22, 2018, 03:35:01 PM
 #2

This is obviously good news. That Kobayashi bastard was dumping coins every X time and creating these big red candles. It was ridiculous enough to do it on some exchange (I think Kraken) instead of OTC as they should.

What is extra ridiculous is the fact that they had to dump the price first to realize creditors just wanted their BTC back, not their money in fiat, because that is unfair for both thet people that bought BTC way cheaper back then and now should be up big time, and unfair for current holders which have suffered this massive selloff. So first they crush the price and then they give them back their BTC, so stupid.

Anyway, until every last creditor has recovered their BTC I will not consider it a victory, but it's definitely better than the constant FUD of Kobayashi dumping another bunch of BTC.

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June 22, 2018, 03:54:51 PM
 #3

I believe this is going to bring some confidence into the market and many people will be able to buy now without the fear of getting dump by this trustees. This MtGox has been the major reason why bitcoin has been performing badly this year and getting a stop to it will help us recover from the past losses.
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June 22, 2018, 03:56:04 PM
 #4

This is obviously good news. That Kobayashi bastard was dumping coins every X time and creating these big red candles. It was ridiculous enough to do it on some exchange (I think Kraken) instead of OTC as they should.

What is extra ridiculous is the fact that they had to dump the price first to realize creditors just wanted their BTC back, not their money in fiat, because that is unfair for both thet people that bought BTC way cheaper back then and now should be up big time, and unfair for current holders which have suffered this massive selloff. So first they crush the price and then they give them back their BTC, so stupid.

Anyway, until every last creditor has recovered their BTC I will not consider it a victory, but it's definitely better than the constant FUD of Kobayashi dumping another bunch of BTC.

That's most likely BS, a huge number of very old coins has been flowing into exchange addresses recently right before the big red candles.
Most likely die hard bitcoiners realizing this is a sinking ship and getting off before it's too late.
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June 22, 2018, 04:12:04 PM
 #5

"Kobayashi will not sell any further bitcoins" <--- there is no such statement, cointelegraph made things up. From the Announcement, Q&A:

Q16) Are there future plans to sell Bitcoins and Bitcoin cash?
A16) At present, nothing has been determined regarding the sale of Bitcoin and cryptocurrencies split from Bitcoin (collectively, “Bitcoin, etc.”) in the future.

Sometimes, if it looks too bullish, it's actually bearish
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June 22, 2018, 05:24:36 PM
 #6

Kobayashi was responsible for selling vast tranches of Bitcoin reserves beginning Q4 last year to reimburse Mt. Gox users who lost money in the exchange’s mass hack in late 2013.

this is the only part of this all that matters! the START of the sale was last year DURING THE RISE. and people keep on focusing on the drop part. they literary started selling when price was $4000+ and while they were selling price kept on going up and reached $10k then $20k and all that time they were selling a lot of coins!

here is how it looks like:


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June 22, 2018, 05:29:18 PM
 #7

Hopefully it will stop the continuous fud in the market and bring a little positive effect to it.  The whole idea to sell the funds on open market instead of OTC was a joke lol.

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June 22, 2018, 05:31:44 PM
 #8

Hopefully it will stop the continuous fud in the market and bring a little positive effect to it.  The whole idea to sell the funds on open market instead of OTC was a joke lol.

Agree, hopefully this brings some confidence back into the market. Knowing some guy can constantly throw dynamite into the market & blow everything up was terrible.




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June 22, 2018, 05:43:52 PM
 #9

So we will receive btc instead of dollar? How can we check how much BTC we had at the bankcrupcy time?

 
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June 22, 2018, 05:45:03 PM
 #10

It's definitely good to read, but it won't help the market any further. It's clear that whoever the manipulators are, they aren't done with accumulating and for that reason I don't rule out a more in depth test of $6000 in the coming 24-48 hours. I saw another test coming in last week already and it happened, which is good. If $6000 maintains itself under fierce pressure, it can be seen as a major bullish trigger. Important to know is that the price has always recovered and this time won't be any different -- people just need to have patience and let the market bottom out properly. It's part of the game.
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June 22, 2018, 06:13:53 PM
 #11

The only reason why I am glad with this news is because of the impact its going to have on the price which is no longer something not to worry about because it has gotten so low that every effort to gather support mut be welcomed and if its coming from MtGox I don't have any issue with it. But come to think of it, I think its cheer irresponsibility for someone to have assets in crypto and when you want to pay back, you decides its best to pay back in fiat thereby creating the conflict of value of bitcoin at the point the amount was lost and what the value is at the moment. They should have just paid in the normal bitcoin and all these wouldn't have been an issue of concern.
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June 22, 2018, 06:15:22 PM
 #12

The only reason why I am glad with this news is because of the impact its going to have on the price which is no longer something not to worry about because it has gotten so low that every effort to gather support mut be welcomed and if its coming from MtGox I don't have any issue with it. But come to think of it, I think its cheer irresponsibility for someone to have assets in crypto and when you want to pay back, you decides its best to pay back in fiat thereby creating the conflict of value of bitcoin at the point the amount was lost and what the value is at the moment. They should have just paid in the normal bitcoin and all these wouldn't have been an issue of concern.

You’re totally right




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June 22, 2018, 06:26:53 PM
 #13

Good decision by him then. It won't have no effect, because even if the news is good sometimes the price goes down and vice versa. But it should have a minor effect as it really does not have anything to do with the fundamentals of Bitcoin.

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June 22, 2018, 06:43:19 PM
 #14

Not really convinced this decision would matter at this point. The bulk of the selloffs were already done, their damage already inflicted. I suppose this will bring positiveness back to those who'd blamed the trustee initially, such as Karpeles, who definitely would have been happy to share some of the scapegoating. I think Kobayashi definitely put a lot of sell pressure, but the bears had already entered the scene when the news became widespread, so if anything, he's only delayed the inevitable - but personally, I think for the better, long-term speaking.

Volumes are still thin as ever, so the worst has been done.

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June 22, 2018, 11:52:47 PM
Merited by xtraelv (1)
 #15

Lol, this is just toooooo funny

Kobayashi sells some bitcoins, price drops 10%
Kobayashi moves some bitcoins, price drops 10%
Kobayashi says he won't sell any coin anymore, price drops 10%

We should really be careful if this guy tweets he will go to the toilet we might see a drop of 20%
So we will receive btc instead of dollar? How can we check how much BTC we had at the bankcrupcy time?

He claims he has enough $ to cover all losses, so I doubt there will be any BTC refund.





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June 23, 2018, 01:51:23 PM
 #16

We should really be careful if this guy tweets he will go to the toilet we might see a drop of 20%
@bolded: Grin I won't be surprised, even if the dump has nothing to do with MtGox.

It was really nice seeing people's opinion though, but one thing I have noticed even before now is that, we all like trying to justify every move in the market by attaching it with something, most especially when it tends to dump activities.
 
Like brewmaster stated above with the whole chart thing, and from the article, most of the dump has been done the whole Q4, but when we all found out, it seems the fever just fell on everyone and it was either MtGox this or that, which I believe it is psychologically normal.

My bone of contention however is that from how things have been playing out and like I said initially that the pop was imminent, the bears dropped the bomb and was already set to drop the market big, which is why we still see some form of manipulation even as we keep going down, but the whole blame was rather pushed on MtGox instead which I believe everything is going to be clear at this point. Although, like the article mentioned, the victory has not been realized yet until creditors receive their pay, so I guess we see who things pan out from here.

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June 23, 2018, 02:40:21 PM
Merited by xtraelv (1)
 #17

Defunct Bitcoin exchange Mt. Gox has formally entered civil rehabilitation proceedings, officials announced June 22.

A statement and accompanying documentation confirm the move, which will see attorney Nobuaki Kobayashi act as civil rehabilitation trustee.

Kobayashi was responsible for selling vast tranches of Bitcoin reserves beginning Q4 last year to reimburse Mt. Gox users who lost money in the exchange’s mass hack in late 2013. The sell-offs appeared to have a conspicuous effect on markets, Bitcoin prices tumbling immediately following each transaction, which Kobayashi performed on major exchanges.

“The power and authority to administer and dispose of MTGOX’s assets is still vested exclusively in me, and I will implement the civil rehabilitation proceedings, including the administration of MTGOX’s assets and the investigation of claims, subject to the Tokyo District Court’s supervision,” Kobayashi wrote in the new documentation.

However, due to the bankruptcy proceedings now being halted as part of the civil rehabilitation, Kobayashi will not sell any further bitcoins, with users set to receive compensation in BTC instead of fiat currency as originally intended.

“...In the civil 2 rehabilitation proceedings in this matter, claims seeking a refund of Bitcoins (“Bitcoin Claims”) will also not be converted into monetary claims after the commencement of the civil rehabilitation proceedings,” Kobayashi continues.

Reacting to the news, a group of claimants who had established Mt. Gox Creditors lobby group out of dissatisfaction with progress considered it a mixed blessing.

“...Enormous assets, which were to be distributed to Mt. Gox’s shareholders under the bankruptcy proceedings, will be returned to creditors of Mt.Gox in civil rehabilitation proceedings. This is the creditors’ victory,” a statement from the group reads.

“...However, this victory has not been realized yet. The victory will come to creditors when Mt. Gox makes payment to creditors and creditors actually receive such payment.”

Mt. Gox became infamous in the crypto industry after suffering a hack, followed by a collapse in 2014, resulting in the loss of $473 million worth of customers’ money - the single largest loss of funds in the history of crypto until this year’s $534 million Coincheck hack.

This news I believe will at least douse the sell-off tension in the market and probably cure the MtGox fever. This is what I expected should have been done anyway, right from the onset.

Do you think this should somehow bring about some recovery in the market, or do you think it would have no impact? From what I can see though, I want to assume the downtrend in the market is far beyond the MtGox sell-off which was just more like what added fuel to it, but the downtrend was rather imminent from the manipulated FOMO activity that happened last year. What are your thoughts on this?

Mt. Gox official says they may start paying back their creditors as soon as next year. They claimed the initial discovery of the missing/hacked 850,000 Bitcoin in the year 2014, Mt. Gox has found 200,000 Bitcoin of them.

At the time of the Mt. Gox hack event in 2014, Bitcoin price was $483 which has a value of $96.6 mln for 200,000 Bitcoin.
The recovered funds have been frozen in the Mt Gox bankruptcy estate for four years, The recovered 200,000 Bitcoin is now worth an estimated $1.2 Bln in Bitcoin
 (at 1BTC=$6,100) without its forks, Bitcoin Cash.
Quite impressive investment, huh?
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June 23, 2018, 06:15:46 PM
 #18

This is obviously good news. That Kobayashi bastard was dumping coins every X time and creating these big red candles. It was ridiculous enough to do it on some exchange (I think Kraken) instead of OTC as they should.

huh? i think that was misinformation. bitcoiners love a conspiracy theory to explain drops in price. Grin

he confirmed that he wasn't dumping directly on exchanges:

Quote
According to the trustee, he consulted “cryptocurrency experts” during the BCH and BTC sales, and he did not use the traditional method of using a digital asset exchange. Further Kobayashi says analyzing the movement of the public addresses is useless, as the assumption that the assets were sold at those exact times is “incorrect.” 

“Following consultation with cryptocurrency experts, I sold BTC and BCH, not by an ordinary sale through the BTC/BCH exchange, but in a manner that would avoid affecting the market price, while ensuring the security of the transaction to the extent possible,” Kobayashi details.
   
IMO, it wouldn't make sense for the courts to use kraken (an unlicensed offshore exchange) when there are numerous licensed japanese exchanges.

Anyway, until every last creditor has recovered their BTC I will not consider it a victory, but it's definitely better than the constant FUD of Kobayashi dumping another bunch of BTC.

if we were in a bull market, this could have been a bullish catalyst because of the perceived supply implications. but because this is a bear market, bullish news doesn't matter.

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June 24, 2018, 03:34:29 AM
 #19

It's a good thing they halt. I bet they too don't want to lose money because of the current price of bitcoin. In another perspective, I guess they should just dump all they want to now, not when the price will pump, they will start doing their thing. And moreover, I never wanted to believe that they might contribute to the recent price decrease but with this news, I guess I have been wrong.
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June 24, 2018, 05:03:13 AM
 #20

Good decision by him then. It won't have no effect, because even if the news is good sometimes the price goes down and vice versa. But it should have a minor effect as it really does not have anything to do with the fundamentals of Bitcoin.
For now it won't have any effect maybe in the future it would stop a lot of traders from worrying after this news. If the article shared by figment was true then the trustee probably sold it together with the private keys.

It's a good thing they halt. I bet they too don't want to lose money because of the current price of bitcoin. In another perspective, I guess they should just dump all they want to now, not when the price will pump, they will start doing their thing. And moreover, I never wanted to believe that they might contribute to the recent price decrease but with this news, I guess I have been wrong.
At first, you said it's a good thing then now you want them to continue what they've started. Either way price could still go down because the creditors have the choice to dump as soon as they get their Bitcoin back.

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