Mt. Gox was a bitcoin exchange based in Shibuya, Tokyo, Japan. Launched in July 2010, by 2013 and into 2014 it was handling over 70% of all bitcoin transactions worldwide, as the largest bitcoin intermediary and the world’s leading bitcoin exchange.
In February 2014, Mt. Gox suspended trading, closed its website and exchange service, and filed for bankruptcy protection from creditors. In April 2014, the company began liquidation proceedings.
Nobuaki Kobayashi, the lawyer and trustee of the Mt Gox bitcoin exchange has revealed that he sold bitcoin and bitcoin cash worth more than $400 million over the past few months since September last year. The Mt Gox trustee currently holds about 166 344,35827254 BTC.
The next court proceeding for Mt Gox bankruptsy won’t happen until September 18, 2018. Before then Nobuaki Kobayashi will not have authorization to dump the remaining 166 344 BTC on open market.
bitcoinist.com/mt-gox-creditors-bitcoins-next-summer/ The lawyers representing the group of creditors are seeking further comments before the civil rehabilitation plan is approved in February 2019, which the creditors say “is several months behind the standard schedule.”
In any case, the first payment to creditors would comprise the lion’s share of the total funds. It “will be made promptly” after the rehabilitation plan is approved sometime in May or June of 2019 based on the schedule in the commencement order.
“We are of the opinion that most of the assets, including approximately 166,000 BTC and 168,000 of BCH and other derivatives currently held by Mt. Gox, should be paid to creditors at the time of the first payment,” the document adds.
@NickPadovani, Not sure, there are so many details to this selloff coming up that I am not fully aware of. I'm guessing it will be bad for price. One thing for certain is the amount of fud that will be spread in September will be huge