Meet The 'Man' Who Crashed Bitcoin In 2018

Bitcoin's Tokyo Whale (not to be confused with that Tokyo Whale) revealed on Wednesday that he has sold off about $400 million in bitcoin and bitcoin cash since late September.

Nobuaki Kobayashi, bankruptcy trustee for Mt. Gox, the largest bitcoin exchange in the world before hackers absconded with tens of thousands of customers' bitcoins worth billions at recent prices, said he started selling in late September, meaning it's quite possible he sold at least some of the coins at the highs reached toward the end of last year.

Kobayashi made his disclosure in the report from the 10th creditors' meeting, which took place Wednesday.

In the report, he said he'd started selling off the bitcoin and bitcoin cash to raise money for disbursements that the trustee will soon need to begin making as bankruptcy claims are being evaluated, per Bloomberg.

Which brings us to the crash of Bitcoin from December 2017 through February 2018.

Matt Odell (@Matt_Odell) presents the full list of transfers out of their wallet.

h/t @alistairmilne

As Odell points out "More than half of the bitcoin they sold (18k btc) was transferred to an exchange on Feb 5th. The day before bitcoin hit its 3 month low of ~$6000. They panicked and sold the bottom. Market absorbed it well."

This is what Kobayashi's "sells" look like on the chart of Bitcoin...

Odell explains "The arrows on the chart above mark the dates of each Gox wallet transfer. Worth noting, these aren't the dates of the sales, those most likely happened right after, these are the dates of the transfers to the exchange."

So that explains - or reveals - the mysterious man on the offer-side of Bitcoin for two months.

Still, Bloomberg reports that Kobayashi is sitting on another approximately $1.9 billion, which he says he plans to offload soon...

*  *  *

Notably, buried deep in the report, Kobayashi disclosed that he's asked US prosecutors for more information about the arrest of Alexander Vinnik, a Russian national who was charged with laundering $4 billion in stolen Mt. Gox profits through his old exchange, BTC-e.

It's unclear whether Kobayashi is planning on trying to recover some of these funds...

Read the full report below:

2018.03.07mtgox by Anonymous JJ6eerL on Scribd




Yogizuna tmosley Thu, 03/08/2018 - 01:06 Permalink

Old gold? LMAO! Yeah, real old gold going back for thousands of years. It is more a store of value over the long term rather than something to speculate on. Which is a good thing for some folks. Bitcoin on the other hand will never be the new gold, unless it settles down and becomes a more dependable store of value.  

In reply to by tmosley

GeoffreyT Yogizuna Thu, 03/08/2018 - 02:45 Permalink

Dude... you're talking about a metal whose price went from $280-odd (when I included "long gold" in my "Trade of the Decade" in 2002  -along with Long Euro @0.86 and Long Oil @$19) to $1700-odd (when I lampooned TD  - on this very site - for continuing bullishness on gold at $1700... when I said the next big move was down).

BTC had a rough ride for a while. The rough ride is largely because it is literally everything that the political class hates: it is a mechanism that will, in time, enable an important segment of the tax livestock to

(1) hold their balances outside of government scrutiny; and

(2) transact seamlessly and untraceably across national boundaries.


I discovered today that a very good mate of mine has made a fucking fortune in Asia selling offline BTC at a 60% premium to exchange prices - precisely because the people who buy the BTC will then have cold-storage BTC that their respective governments know nothing about.

I shit you not: he is getting paid US$16k/BTC right now, in reasonably large volume (20-30BTC/day).

I'm thinking of flying out to join him (I have a standing offer), but my 25th anniversary is coming up (on April 7)... so it will probably be another one of those "Shoulda coulda woulda" things.


In reply to by Yogizuna

Mementoil aurum4040 Thu, 03/08/2018 - 08:09 Permalink

Silver is not Gold.
Gold is still a monetary asset, held by wealthy families and central banks alike.
Silver is no longer a monetary metal and has become mainly an industrial metal.
It may resume its former monetary role at some point (and I happen to believe it will), but in the meanwhile the vast majority of the yearly production is consumed rather than hoarded, and there aren't any large reserves which would stabilize the price.

In reply to by aurum4040

loveyajimbo Mementoil Thu, 03/08/2018 - 10:11 Permalink

Agree, silver is far better than gold.

" the vast majority of the yearly production is consumed rather than hoarded, and there aren't any large reserves which would stabilize (depress) the price." 

Only blatant manipulation has held it down for 7 years... not for much longer.  When Trump signs his tariffs against China, we begin the new phase... they WILL finally act. The USA has no gold... and no silver.

In reply to by Mementoil

silverserfer loveyajimbo Thu, 03/08/2018 - 12:47 Permalink

actually the US military has designated silver as a strategic asset. It is the value to them that a lot of the price manipulation occurs. The hoard is in their facilities at west point and at several underground bunkers. 

Most Military grade tech has to be made at home and durable to withstand combat. Silver is ideal for them. The decision to begin this manipulation started back in the 1990s after the iraq war. They used a lot up during that war.   

In reply to by loveyajimbo

Colonel Shitze… tmosley Thu, 03/08/2018 - 12:14 Permalink

Lemme know when gold cornholes it’s owners for 60-70% in 3 months. I applaud anyone who nailed BTC for hundreds or thousands of %. Personally, I know of far more people suffering from looseanus Maximus re BTF than the other way around. Not a hater or fan. Just recognize that neither are helpful when it comes to making real$ over time. 

In reply to by tmosley

scrappy tmosley Thu, 03/08/2018 - 13:04 Permalink

Apologize for my off topic comment, but you need to be alive to trade in bitcoin, so make sure you are. Mark Your Calendars. This Sunday 3-11 Cabal Arrests Begin - Spread the Word - Care Confirmation Growing - Prepare - Pray - Stay Out Of the Way - No Fear - Support All .  On a long enough timeline... Back to your regularly scheduled programming...Peace - Scrap

In reply to by tmosley