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

(Bloomberg) -- 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 of Bitcoin and Bitcoin Cash since late September. Kobayashi, who’s liquidating the tokens on behalf of Mt. Gox creditors, has another $1.9 billion to offload.

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.

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While Kobayashi didn’t provide details of his strategy for selling 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 $10,031 as of 6:45 a.m. Hong Kong time on Thursday.

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