Wednesday, August 21, 2019

Mt. Gox Moves Large Quantity of Bitcoins From Its Wallets

The once king of all exchanges and now-defunct Mt. Gox keeps raising questions amongst the crypto community with their actions still today. Yesterday only, the wallets associated with the exchange have withdrawn more than 16,000 Bitcoin and Bitcoin Cash out of its respective wallets, possibly to sell them at an undisclosed price.

The last time that those accounts were moved, Bitcoin experienced a bear period that took the price down to historic lows after the price rise during last December. This occurred last February, and the responsible for these sales was the Mt Gox’s trustee, Mr. Nobuaki Kobayashi, who offered declarations detailing the conditions of the sale. He used an undisclosed “over the counter” method to sell them at the “better price possible”. He could have done it the same way this time.

A lot has been said about this last exchange, and the social networks are booming with different accusations of market price manipulation and pump and dump schemes. But nothing certain is known about the operation now. It could be another thing that a sale. Some of the tweets out there are presented below.

Mt Gox was once the site on the internet to buy and sell bitcoin, managing more than 70% of the exchange business, but disaster struck and they went bankrupt after a 400 million dollars hack that led them to bankruptcy. This experience led to new exchanges to take care more of their online security. But now, ironically, Mt. Gox’s corpse is more profitable than its former self, due to bitcoin’s price evolution, and the birth of an equally successful hard fork, Bitcoin cash, that gave them a certain amount of cryptocurrency that the did not count on before.

Related Article:  Bitcoin Payments Per Month Have Declined in Comparison to 2016

Mt. Gox still has around 140K bitcoin left to sell, and undoubtedly, if those sales are managed in a poor way, it could drive the price down tremendously.

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