Category Archives: JPY

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Mt Gox Trustee Allegedly Sold $318 Million Worth of Creditor BTC, BCH

Mt Gox Trustee Allegedly Sold 8 Million Worth of Creditor BTC, BCH

A sell transaction of over USD 318 million has been uncovered, according to leaked screenshots of transactions and order book data shared on GoxDox.com of transactions between BitPoint cryptocurrency exchange and Nobuaki Kobayashi, the trustee of now-defunct cryptocurrency exchange Mt Gox.

GoxDox is a site that has supported the cause of the victims of the defunct exchange. The site suggested that the funds may indeed have had something to do with an alleged liquidation of 60,000 Bitcoins and Bitcoin Cash, as the funds were transferred from BitPoint exchange to the trustee’s account, noting: “Unless BitPoint is being really generous, we’d wager the reason they are depositing billions JPY into the trustee’s bank account is because they were hired to sell the Mt Gox Estate’s BTC/BCH.”

It appears that the trustee may have approached Kraken’s CEO Jesse Powell on the matter of liquidation, who however, advised against the move, suggesting that the trustee should do it in an auction or over the counter (OTC) desk considering the volume of BTC to be sold in order for it to have minimal effect on the market.

“Instead of taking Kraken’s advice, the trustee decided to (1) sell, (2) not tell us how he sold, and (3) hire a different so-called ‘cryptocurrency expert’ to sell the BTC/BCH,” the source said.

Kobayashi had been accused of similar actions in 2017 and 2018 and was allegedly the cause of the price decline at the time when he sold off USD 400 million worth of Bitcoins and Bitcoin Cash. However, he denied he was responsible for the price crash saying that:

“Following consultation with cryptocurrency experts, I sold BTC and BCC [BCH], not by an ordinary sale through the BTC/BCC [BCH] exchange, but in a manner that would avoid affecting the market price, while ensuring the security of the transaction to the [greatest] extent possible.” Still, he hasn’t disclosed how he managed the liquidation of the asset.

He further said: “The method of sale of BTC and BCH was approved by the court as well – I would like to refrain from explaining the details of the method of sale.” In his opinion, saying more would affect the future sale.

According to the source, Redditors had pointed out that “the trustee’s withdrawal of BTC from the MtGox estate’s wallets correlate to Jan/Feb drops in BTC;s price”, with supporting documents.

Moreover, after Kobayashi sold USD 400 million of Bitcoin and Bitcoin Cash from December 2017 through February 2018, Bitcoin News reported that no more bitcoins will be sold off, which at the time was good news to the creditors as the civil rehabilitation enable them to share BTC 137,891 reserved. However, it remains to be known what led to the recent sell-off if true, and why protocol had been broken with respect to the counsel provided by Powell.

For the creditors, the filing of claims was extended last month for those who didn’t meet the initial deadline. Meanwhile, Mt Gox CEO Mark Karpeles awaits the court’s final verdict with regards to embezzlement and exchange data manipulation charges which netted him USD 3.1 million belonging to customers during the latter months of 2013. The long trial is expected to end on 15 March 2019.

 

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Crypto Manga, a New Kind of Comic Cuts out the Crypto Babble

A Japanese crypto comic book, thought to be the first of its kind, will go into circulation in order to inform readers of the various aspects of cryptocurrency, writes Bitcoin.com.

Released as a series called Shonen Crypto, the Crypto Manga follows characters as they go through their crypto life. The first issue has six parts, the first of which is called “Crypto Heroes,” which is a story about Bitcoin Senpai, who leads other crypto characters in fighting with fiat characters.

“The fiat characters of Crypto Heroes are USD, JPY, and EUR,” Editor in Chief Taro revealed, adding that there will be a greater variety of characters in the near future.

Taro believes the subject of the series, which is currently only available online, hasn’t been tackled before and he hopes to eventually publish paper copies suggesting:

“I would like people to read it at cafes or many crypto events,” he shared. The first issue has partially been translated from Japanese into English at the time of this writing, and there are plans to produce music and music videos about crypto based on this comic as well.

Originally beginning with just 10 writers and illustrators, Shonen Crypto’s staff has now swelled to 20:

“Someone can draw pictures, someone can gather information about shitcoins, someone can create songs, and someone can make videos,” Taro explained adding “I want everyone to know crypto and its potential. Recently, I feel that the number of active users of crypto is decreasing, and I often hear doubts about crypto.”

The second part of the first issue of Manga deals with “what happens in the Bitcoin world (industry)” with a character named “Crypto-kun.” In the first issue, this character teaches about the Mcafee Pump, Mt Gox, the “Bitconnect Scam,” and Zaif’s glitch that allowed users to buy BTC at 0 yen.

The rest of the first edition looks at other aspects of cryptocurrency such as master nodes, and how to trade, as a crypto professor teaches his pupil trading skills, despite continually making losses himself. Another action circulates around two girls studying BTCFX, and a story about how to use Dapps on smartphones.

Taro has created the series and its characters as he suggests that he wants to introduce crypto and its technology to “the masses” in the light of various scams, which he feels has given the industry a bad name. Also, he claims that current literature available on cryptocurrency topics is “only lots [of] words” and is little read by the Japanese public as a result.

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