Mt. Gox keeps the tension

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2018-04-28
Mt. Gox keeps the tension

After the recent great growth of Bitcoin and other altcoins, the cryptocurrency market is afraid to face a new extreme fall due to notorious Mt. Gox. On Thursday CryptoGround that is watching the company’s cold wallets reported about the move of about 2,000 BTC from 4 detached addresses. They are owned by Nobuaki Kobayashi, Head of the Board of Trustees of Mt. Gox who has been selling Bitcoin and Bitcoin Cash of now-defunct Japanese bitcoin exchange at the amount of about $405M since September’17. Simultaneously, 8,000 BTC were deposited to another his address.

Extra research reveals that Nobuaki Kobayashi’s bitcoin cash assets are also on move. 16,000 of bitcoin cash was transferred via 4 transactions.
Previously he commented on that:

As a result of the consultation with the court, I considered it necessary and reasonable to sell a certain amount of BTC and BCC at this point and secure a certain amount of money for distribution resources, and thus, I sold the amount of BTC and BCC above. I made efforts to sell BTC and BCC at as high a price as possible in light of the market price of BTC and BCC at the timing of sale.

As the Head of the Board of Trustees of the exchange creditors, he is authorized with the token sale. Most creditors haven’t got their investment after Mt Gox collapse in 2014. Still, the case is contradictory as the value of BTC kept by the exchange is far surpasses the sum required by the creditors.

It was one of the biggest Bitcoin exchange that has lost all its assets in bitcoin. Later 200,000 BTC was revealed. The global regulators, in particular, Japanese department blamed CEO Mark Karpeles for squander and machination to which by the way he was acquitted last year.
The largest withdrawals occurred from December to February when the prices of all cryptocurrencies went down more than three times. On February 5 the Mt Gox trustee has moved 18,000 of bitcoin that highly likely cut the price twice compared with the December highs.

As on Saturday evening, Bitcoin is hesitating within 8,900-9,400, however, Ivo Jonkers, the trader expert is pessimistic about escaping from the February scenario:

It appears that the Mt. Gox trustees have moved the funds to a wallet belonging to an exchange desk… The last time this happened, Mt. Gox proceeded to sell the funds at market rate, practically sending the entire market in the red. I wouldn’t be surprised if this happens again.

Under Kobayashi’s report, a new round of liquidations might be coming as the trustee is waiting for the statement from the bankruptcy court.

CRYPTOCURRENCIES
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  • nemNEM$0.056234
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