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Author Topic: KNC moved all of their 9000+ BTC Today  (Read 6682 times)
lyth0s
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June 01, 2015, 09:10:50 PM
 #1

Here is the transaction: https://blockchain.info/address/17uTKRCmCgdE5ie85tLu8hP2kRkh4zbhdh

Any speculation as to why? Mass selling incoming? Hack? Moving them to XBT Provider account?


Edit: They have also been selling about 500 bitcoins a day on bitstamp for the past week or so, which is about 4x the amount of bitcoin they mine per day.

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June 01, 2015, 09:16:46 PM
 #2

Oh shit, this looks pretty bad! Thanks for the update. Will keep an eye on it, but it seems they are trying to dump it ASAP before Bitcoin goes sub 200 which shouldn´t take too long anympre.  Undecided

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June 01, 2015, 09:17:23 PM
 #3

Maybe the coins were moved for security reasons or something?
There is probably no story behind this, but then again this is the speculation forum...

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June 01, 2015, 09:27:03 PM
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And how do you know this is their address? Because those are all new coins?
If those are theirs, I'm guessing address in now from XBT provider.

Edit: I see, it is from KNC.

Do you agree that there is a huge gap between crypto world and traditional world.. We're launching an ICO that will change this: https://bitcointalk.org/index.php?topic=2212650.msg22292459#msg22292459
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June 01, 2015, 09:29:05 PM
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Edit: They have also been selling about 500 bitcoins a day on bitstamp for the past week or so, which is about 4x the amount of bitcoin they mine per day.

Have they stated this somewhere?  How is this known?


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June 01, 2015, 09:29:48 PM
 #6

KNC was a scam. they're trying to sell of as much as they can and still keep a stable market (as if those cunts could effect it long term) while they hide away their cold storage for that day when Mr Police takes them to prison.

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June 01, 2015, 09:59:27 PM
 #7

Seems like a sell off ready to unload lol.

Why else move the coins? Even if its a security move, 1 btc address is still good as it is unless they have a employee knows the actual logins etc.

500 bitcoins a day is pretty absurd amount.

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June 01, 2015, 10:08:57 PM
 #8


Edit: They have also been selling about 500 bitcoins a day on bitstamp for the past week or so, which is about 4x the amount of bitcoin they mine per day.

Have they stated this somewhere?  How is this known?

Block chain analysis. If you follow their coins, you find their wallets (IE KNC miner purchases). If you find their wallets you can see where they spend their coins. If they spend their coins with other wallets that you have identified you know exactly who they send their coins to (IE monitoring Bitstamp deposit addresses).

In this case I know KNC's biggest wallet addresses and I know Bitstamp's wallet addresses. I can therefore see KNC move bitcoins to Bitstamp.

As far as them moving the 9200+ BTC to a brand new address, I'm not sure what they are doing there. If it was a hack I may never know. If it's just to a new wallet then I can just continue to monitor their coins. If it is a new bitstamp address eventually I can follow the coins to bitstamp's other addresses once bitstamp moves the coins internally etc.

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June 01, 2015, 10:12:38 PM
 #9


Edit: They have also been selling about 500 bitcoins a day on bitstamp for the past week or so, which is about 4x the amount of bitcoin they mine per day.

Have they stated this somewhere?  How is this known?

Block chain analysis. If you follow their coins, you find their wallets (IE KNC miner purchases). If you find their wallets you can see where they spend their coins. If they spend their coins with other wallets that you have identified you know exactly who they send their coins to (IE monitoring Bitstamp deposit addresses).

In this case I know KNC's biggest wallet addresses and I know Bitstamp's wallet addresses. I can therefore see KNC move bitcoins to Bitstamp.

As far as them moving the 9200+ BTC to a brand new address, I'm not sure what they are doing there. If it was a hack I may never know. If it's just to a new wallet then I can just continue to monitor their coins. If it is a new bitstamp address eventually I can follow the coins to bitstamp's other addresses once bitstamp moves the coins internally etc.

Cool, thanks.  Do you have any automated tools to monitor certain addresses for coin movement?


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June 01, 2015, 10:14:18 PM
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Oh shit, this looks pretty bad! Thanks for the update. Will keep an eye on it, but it seems they are trying to dump it ASAP before Bitcoin goes sub 200 which shouldn´t take too long anympre.  Undecided

You got it. Hey don't tell anyone but Satoshi told me he is going to dump his coins at the same time. Remember, don't tell anyone I said so!
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June 01, 2015, 10:17:00 PM
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Edit: They have also been selling about 500 bitcoins a day on bitstamp for the past week or so, which is about 4x the amount of bitcoin they mine per day.

Have they stated this somewhere?  How is this known?

Block chain analysis. If you follow their coins, you find their wallets (IE KNC miner purchases). If you find their wallets you can see where they spend their coins. If they spend their coins with other wallets that you have identified you know exactly who they send their coins to (IE monitoring Bitstamp deposit addresses).

In this case I know KNC's biggest wallet addresses and I know Bitstamp's wallet addresses. I can therefore see KNC move bitcoins to Bitstamp.

As far as them moving the 9200+ BTC to a brand new address, I'm not sure what they are doing there. If it was a hack I may never know. If it's just to a new wallet then I can just continue to monitor their coins. If it is a new bitstamp address eventually I can follow the coins to bitstamp's other addresses once bitstamp moves the coins internally etc.

Cool, thanks.  Do you have any automated tools to monitor certain addresses for coin movement?

Unfortunately no. I just keep my eye on a few big players that I remain skeptical about.

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June 01, 2015, 10:19:36 PM
 #12

Oh shit, this looks pretty bad! Thanks for the update. Will keep an eye on it, but it seems they are trying to dump it ASAP before Bitcoin goes sub 200 which shouldn´t take too long anympre.  Undecided

You got it. Hey don't tell anyone but Satoshi told me he is going to dump his coins at the same time. Remember, don't tell anyone I said so!

Even a 9000 BTC sell isn't really that bad in the grand scheme of things (remember the 30k sell wall?). My bigger problem is if they move their last 9000 to bitstamp and sell them (or something to that regard), then what bitcoins are backing up their XBT Provider shares?

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June 01, 2015, 10:25:09 PM
 #13

Thanks for the headsup
Not that I would expect them to but if this can be traced through blockchain analysis a 9000 BTC lock could be made on those coins and some of the balance as part of the KNC Lawsuits although I doubt there are many accounts with that much balance on bitstamp it seems easy enough to lock one account although that would cause another issue.
Worth monitoring though

(Hmm or is it capital for Bitcointrackerone can't really tell)
https://www.cryptocoinsnews.com/kncminer-launches-xbt-provider-bitcoin-tracker-one/
http://www.reddit.com/r/Bitcoin/comments/38494i/bitcoin_tracker_one_owns_4300_btc/
http://www.nasdaqomxnordic.com/etp/etn/etninfo?Instrument=SSE109538
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June 01, 2015, 10:31:31 PM
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Oh shit, this looks pretty bad! Thanks for the update. Will keep an eye on it, but it seems they are trying to dump it ASAP before Bitcoin goes sub 200 which shouldn´t take too long anympre.  Undecided

You got it. Hey don't tell anyone but Satoshi told me he is going to dump his coins at the same time. Remember, don't tell anyone I said so!

Even a 9000 BTC sell isn't really that bad in the grand scheme of things (remember the 30k sell wall?). My bigger problem is if they move their last 9000 to bitstamp and sell them (or something to that regard), then what bitcoins are backing up their XBT Provider shares?

Hmm. Perhaps they aren't going to market sell them into bitstamp after all..
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June 01, 2015, 10:31:53 PM
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Oh shit, this looks pretty bad! Thanks for the update. Will keep an eye on it, but it seems they are trying to dump it ASAP before Bitcoin goes sub 200 which shouldn´t take too long anympre.  Undecided

You got it. Hey don't tell anyone but Satoshi told me he is going to dump his coins at the same time. Remember, don't tell anyone I said so!

Even a 9000 BTC sell isn't really that bad in the grand scheme of things (remember the 30k sell wall?). My bigger problem is if they move their last 9000 to bitstamp and sell them (or something to that regard), then what bitcoins are backing up their XBT Provider shares?

Well it is new address... So maybe they deposited those btc there to provide more shares. We will see Smiley

Do you agree that there is a huge gap between crypto world and traditional world.. We're launching an ICO that will change this: https://bitcointalk.org/index.php?topic=2212650.msg22292459#msg22292459
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June 01, 2015, 10:32:22 PM
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Oh shit, this looks pretty bad! Thanks for the update. Will keep an eye on it, but it seems they are trying to dump it ASAP before Bitcoin goes sub 200 which shouldn´t take too long anympre.  Undecided

You got it. Hey don't tell anyone but Satoshi told me he is going to dump his coins at the same time. Remember, don't tell anyone I said so!

Even a 9000 BTC sell isn't really that bad in the grand scheme of things (remember the 30k sell wall?). My bigger problem is if they move their last 9000 to bitstamp and sell them (or something to that regard), then what bitcoins are backing up their XBT Provider shares?

Can´t believe that idiot still hasn´t sold. Mother of all bagholders. He´s going to look pretty stupid if all liquidity above 10$ will be gone.

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June 01, 2015, 10:43:28 PM
 #17

I just think they are moved to a new entity for new security measures (XBT provider)

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June 01, 2015, 11:42:06 PM
 #18

Makes more sense that xbt provider needs more btc to back there issued notes.  I'm surprised knc is selling any bitcoins on exchange.  Would make more sense to sell them with xbt provider.
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June 02, 2015, 12:18:00 AM
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Could be the reason of latest dump to 220$.
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June 02, 2015, 12:57:21 AM
 #20

If the 9200 coins were moved to back up XBT Provider one would have to ask 2 questions: 1) Why had they not already done this? 2) Since that was all of their "visible' bitcoins, does that mean that they are currently holding no coins at all? A few weeks ago they moved 4000BTC into a separate address that they never used before which I **thought*** was going to be for the initial XBT Provider backing, but what happened is they actually just waited a few days and then began selling them on Bitstamp. I have a funny feeling that is what this next 9000 coins is going to do.

Bitstamp is where KNC sell their coins, most large miners (unless unlimited VC funding) need to sell some portion of their coins in order to cover costs. In the past they have always sold a few thousand coins once every few weeks (they currently mine about 125ish bitcoins per day). When they move 500btc/day for 1 week into bitstamp I think it's most likely to sell them. As far as we know they are in the mining game rather than the exchange trading game so moving them to bitstamp to "trade" with rather than just a flat out "sell" is unlikely.

This is not meant to induce panic. But at the very least we should question where the bitcoins behind XBT Provider are actually located (if it's not these 9200 coins that were just separated from their main wallets)

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