Tuesday, March 31, 2020

Mt. Gox Moves 8000 Bitcoin From Its Wallets

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The once biggest bitcoin exchange in the world, Mt. Gox has moved 8000 bitcoins from its wallets, according to an article by CryptocurrencyNews.

Mt. Gox was the lead exchange of bitcoin and cryptocurrencies in between years 2013 and 2014 when it managed more than 70% of all bitcoin transactions worldwide. But they were hacked and lost a significant amount of bitcoins from its wallets. In 2014, they filed for bankruptcy and liquidated the company, amongst a great withdrawal wave from customers who feared to lose their bitcoins too. But after the hack, the exchange still held more than 200,000 bitcoins that according to its trustee, Nobuaki Kobayashi, will be sold to pay the debts that even today, Mt. Gox has with its creditors.

The exchange wallets were moved yesterday, making four transactions of 2000 bitcoin each. Coincidentally, today bitcoin and the whole cryptocurrency market experienced a big drop, with bitcoin prices falling at a lower level than $9,000. Many consider Mt. Gox a “whale”, that is, a bitcoin holder so big that can modify the market trend by unloading a large amount of cryptocurrency. This has lead to believe that the supposed sale of these coins had an adverse effect on bitcoin prices, and ultimately led to the price decrease that we saw today.

The truth is that no reports of big sells on cryptocurrencies in any exchange have been made. No one knows if the bitcoin moved were sold in part or entirely. Nobuaki Kobayashi, Mt. Gox’s trustee has been asked before about how is he selling these coins, and he has refrained to answer clearly. He only stated that the method has been approved by the court to satisfy their creditor’s debts.

Mt. Gox’s wallets are still full of stashed bitcoins, and they have reportedly stated that they will continue selling them to settle its debts, if possible by this year’s end.

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