Mt. Gox Sold Over 35,000 BTC & 34,000 BCH from Dec – Feb, Worsened Market Crash
The market crash that occurred following the all time high during the first week of January was one of the worst in cryptocurrencies short history. Various reasons were given for the crash, ranging from South Korea falsely banning crypto trading, to Tether being insolvent, to cyclical January crashes.
But this week it has been reported that a Mt. Gox trustee dumped over 35,000 Bitcoin and 34,000 Bitcoin Cash between December and February, which almost certainly worsened the crash by a substantial degree. The sell began at Bitcoins all time high near $20,000 and continued in batches, with 18,000 BTC reportedly panic sold at the several month low on Feb 6th. The total value of the dump was at least $400 million, with an average sale value around $10,105.
Mt. Gox was once the largest Bitcoin exchange in the world before hackers stole around 850,000 BTC, leading to the worst market crash to date. Bankruptcy trustee Nobuaki Kobayashi was supposedly selling the exchanges remaining BTC and BCH to raise money for creditors.
Rather worryingly, Mt. Gox still has roughly 162,000 BTC more to dump on the markets. Kobayashi said in relation to the sales that he tried to get “as high a price as possible.” The panic sell would suggest otherwise, but it is certainly an indicator that when Bitcoin begins to take off again, the Tokyo Whale will be watching…
Well guess what? We will be watching too, and so can you! The great thing about a distributed public ledger is that it allows anyone to view how many Bitcoins are held in any one address at any time. In response to the news, a member of the community has created a site to track all the remaining Mt. Gox addresses. You can even subscribe to be notified whenever a transfer is made out of the cold wallets!