Bitcoin’s Tokyo Whale Sold $400 Million and He’s Not Done Yet

He’s not your typical Bitcoin whale, but Nobuaki Kobayashi has become a force to be reckoned with in the cryptocurrency world.

The Tokyo attorney and bankruptcy trustee for the now-defunct Mt. Gox exchange disclosed on Wednesday that he sold about $400 million worth of Bitcoin and Bitcoin Cash since late September. Kobayashi is sitting on another $1.9 billion of the tokens and will consider offloading those too as he raises cash to distribute to Mt. Gox’s creditors.

A New Kind of Bitcoin Whale

Mt. Gox’s bankruptcy trustee is offloading cryptocurrencies to repay creditors

Once the world’s biggest Bitcoin exchange, Mt. Gox filed for bankruptcy protection four years ago after disclosing that it lost 850,000 Bitcoins, then worth about $500 million. The company, which later said it recovered about 200,000 Bitcoins, blamed hackers for the loss.

While Kobayashi didn’t provide details on his strategy for offloading the coins, he said he tried to get “as high a price as possible.” Disclosures in his report on the Mt. Gox website suggest his Bitcoin sales since September fetched the equivalent of $10,105 on average. The cryptocurrency was trading at $10,554 as of 10:17 a.m. London time on Wednesday.

via Bloomberg

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Just bought the dip!

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I’m guessing he is strategically selling on the highs except for the selling at 6k haha he probs got weak hands after seeing what he had created. Little did he know there was plenty of big money waiting for that bottom. Even the whales get duped sometimes. The ccn article quoted him saying he will consult courts before offloading more so hopefully they will do the responsible thing and sell them OTC. It’s very reckless moving the market like that if he did so.

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My Question regarding this is actually different. Its unfortunate that the selling was “sloppy.” Could have been intentional, could have been unintentional. However, if the people to whom this “bitcoin” is owed, had a choice of Fiat or Bitcoin, distributing the Bitcoin to them would have been way more preferable since those people may have held.
Realistically from a market perspective, markets need to correct aggressive moves like we had in 2017. Its not a Fun process, but that is what it takes to make it to the kind of numbers I believe we will see in the next 2,5,10 20 years.
Markets climb a wall of worry. Markets which go straight up will eventually crash because that “Wall” is restrained money which finally makes its way into the market.
Regardless of “Who” was responsible for this, it was going to happen.
So it did, markets will shake the trees of weak hands and new buyers will take their place. Buying “well” creates strong hands.
That’s how markets work, bitcoin is no different.

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Just bought LEDU coin dip, really awesome

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we will need more of these whales to spread the wealth before bitcoin adoption. NOM NOM NOM NOM NOM.

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so this is Nobuaki Kobayashi… who is shaking hands with what appears to be Langly from the X-Files…

source

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Add in a couple of hitmen and this could be a movie plot

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