|May 12, 2018 10:53 AM||By: John Patrick Mullin | 9277 Views|
The once largest bitcoin exchange in the world, Mt. Gox has moved 8000 bitcoins from its wallets, according to a report by CryptocurrencyNews.
Mt. Gox was the lead exchange of bitcoin and cryptocurrencies in within years 2013 and 2014 when it conducted more than 70% of all bitcoin transactions worldwide. But they were hacked and lost a meaningful amount of bitcoins from its wallets. In 2014, they filed for bankruptcy and liquidated the company, amongst a large withdrawal wave from customers who faltered to lose their bitcoins too. But back the hack, the exchange still held higher than 200,000 bitcoins that according to its trustee, Nobuaki Kobayashi, will be sold to pay the claims that even today, Mt. Gox has with its creditors.
The exchange wallets were transferred yesterday, making 4 transactions of 2000 bitcoin each. Coincidentally, now bitcoin and the whole cryptocurrency market encountered a big drop, with bitcoin prices falling at a lower level than $9,000. Many think Mt. Gox a “whale”, that is, a bitcoin holder so big that can transform the market trend by unloading a massive amount of cryptocurrency. This has to lead to the understanding that the supposed sale of these coins hurt bitcoin prices, and ultimately led to the price decrease that we saw today.
The accuracy is that no reports of large sells on cryptocurrencies in any exchange have been made. No one knows if the bitcoin affected were sold in part or completely. Nobuaki Kobayashi, Mt. Gox’s trustee has been questioned before about how is he selling these coins, and he has avoided answering clearly. He only said that the method had been approved by the court to settle their creditor’s debts.
Mt. Gox’s wallets are yet full of stashed bitcoins, and they have reportedly declared that they will continue selling them to resolve its debts, if possible by this year’s end.