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Mt. Gox trying to sell again? – 8200 Bitcoin [BTC] moved & bloodbath continues!

Ketaki Dixit



Mt. Gox trying to sell again - the market faces a bloodbath
Source: Wikimedia Commons

Two weeks ago, we reported that Mt. Gox had moved 16000 BTC from their cold storage account to various accounts. The Mt. Gox’s account had moved 2000 BTC eight times to several accounts and just a few hours ago, it happened again.

This time almost 8214 BTC has been moved from the cold storage account to an unidentified wallet. The wallet is not one of the Mt. Gox cold storage wallet. The Bitcoin tokens were moved to the same wallet in different proportions. The BTC was transferred in four chunks with 2000 BTC being transferred three times and 2,214 BTC once. The dump in the market took place right after the transfer of the Bitcoin.

Mt. Gox was the biggest Bitcoin exchange platform around the globe and was known to have been handling over 70% of the Bitcoin transactions in the world. But the exchange platform had to declare bankruptcy in the year of 2014 after they lost 7% of Bitcoin worth up to $474 million.

Soon after announcing bankruptcy, the CEO of Mt. Gox, Mark Karples came across cold wallets which had a huge number of Bitcoin. This is currently being used to clear all the lawsuits. Mt. Gox is even being held responsible by many investors for some of the major dips that occurred in the market in December 2017 and March 2018.

The market commentators feel yesterday’s transfer to be more suspicious than the previous ones as the current total of 8200 BTC was moved into one account unlike previous transfers.

First Transfer

First Transfer

Second Transfer

Second Transfer

Third Transfer

Third Transfer

Fourth Transfer

Fourth Transfer

Wallet address to which the Bitcoins were transferred

Wallet address to which the Bitcoins were transferred

Some also believe that the transactions indicate that an Over the counter trade [OTC] or a sell-off on cryptocurrency exchange platform might take place as there are 24214.9708 BTC in total that has been moved out from the cold storage wallet since the past few weeks.

Despite the fact that the court meeting is to be held in September and Mt. Gox wasn’t allowed to sell off the remaining Bitcoin [BTC] and Bitcoin Cash [BCH], the sudden movements in the wallet has spread a lot of panic in the market with few crypto news outlets linking the current movement in BTC to the dip in prices.

Andy Hoffman says:

“Ah, so here’s the answer! Another 24,000 BTC moved from the Mt Gox Trustees wallet yesterday morning, just before prices dumped, taking his total down to 137k. As usual, Bitcoin down for NON-FUNDAMENTAL REASONS”

He further adds:

“My guess is some market participants are betting the Mt Gox Trustee will sell his entire position this year. I believe he will, but that the market will discount the negative impact far more quickly, and benignly, than today’s FUD-panicked sellers assume.”

Joseph Young, a Twitterati says:

“Someone please tell the drunk Mt. Gox trustee person to stop using cryptocurrency exchanges and move to the over-the-counter market.”

Prof. Taaakeshi Katsuro, another Twitterati says:

“Falling down sharply in cryptocurrencies is because of Mt.Gox selling Bitcoin secretly.They will keep doing that till selling about 400.000 BTC. It’s clear that happens under Japan govt’s permission. It’s an official fraud under goverment knowledge”

According to CoinMarketCap, Bitcoin [BTC] is currently trading at $8579 with a market cap of $146 billion and has seen a significant dip of more than 8% in the past 24 hours.

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Ketaki Dixit is a Journalism major from Jain University. She has about 1-year experience in the field and is passionate about blockchain technology and the cryptocurrency world.