KNC moved all of their 9000+ BTC Today

[Alley]

Somebody posted when they first started trading that xbt provider had 4000 coins for initial backing.  Well today they are at 880k notes issues which is 4400 bitcoins.  Sounds like they had to move those coins over to xbt provider to keep backing notes sold. 

[gentlemand]

Somebody posted when they first started trading that xbt provider had 4000 coins for initial backing.  Well today they are at 880k notes issues which is 4400 bitcoins.  Sounds like they had to move those coins over to xbt provider to keep backing notes sold. 

Nicely spotted.

[fonzie]

Somebody posted when they first started trading that xbt provider had 4000 coins for initial backing.  Well today they are at 880k notes issues which is 4400 bitcoins.  Sounds like they had to move those coins over to xbt provider to keep backing notes sold. 

day 1 history : 949 BTC (189783 shares) traded at 232.84$
day 2 history : 546 BTC (109376 shares) traded at 232.6$
day 3 history : 455 BTC (90988 shares) traded at 232.2$
day 4 history : 681 BTC (136233 shares) traded at 235.95$
day 5 history : 643 BTC (128618 shares) traded at 237.21$
day 6 history : 453 BTC (90759 shares) traded at 237.21$
day 7 history : 756 BTC (151238 shares) traded at 236.8$
day 8 history : 431 BTC (86275 shares) traded at 236.1$
day 9 history : 360 BTC (72006 shares) traded at 237.7$
day 10 history : 533 BTC (106617 shares) traded at 234.9$
day 11 history : 595 BTC (119031) traded at 226.83$
day 12 history : 224 BTC (44950) traded at 224.46$

So they started 4000, volume is declining harsh, and after 2 weeks they have a meagre rise of 400 BTC which they needed for backing, and those facts lead you to the conclusion that those 9000BTC have been transfered to XBT?
Makes total sense!

[Alley]

Why doesn't it make sense?  They issues 4400 coins in 12 days.  There not stopping.  So they could issue another 4k coins in the next 12 days so they need to have coins ready and in there possesion.  Isueing notes with no coins to back them would be a big no no I'm guessing.

[lyth0s]

Somebody posted when they first started trading that xbt provider had 4000 coins for initial backing.  Well today they are at 880k notes issues which is 4400 bitcoins.  Sounds like they had to move those coins over to xbt provider to keep backing notes sold.  

That was me that saw their 4000 coins move to a new address and just sit there. I had figured it was for XBT provider (since they were moved right before it opened on NASDAQ Stockholm), but they ended up selling those 4000 coins on Bitstamp at a rate of 500BTC/day. Currently there is no evidence for KNC Miners having any bitcoins behind XBT Provider at all.


They just moved 750 bitcoins to bitstamp for sell confirmed: https://blockchain.info/address/17uTKRCmCgdE5ie85tLu8hP2kRkh4zbhdh

They will likely sell the rest of the 8000+ BTC over the next week, be ready.

As a side note they must have been reading my post because they have now moved their miners to a completely different wallet.

[Morecoin Freeman]

The plot thickens.

You may be onto something here. I didn't expect any of this at first. Nicely done research!

[Alley]

Well when they get audited there going to have to prove they have bitcoins backing the notes.  There on NASDAQ not some shaddy OTC pink sheets.  There dumps seem counter productive as there taking down the price so there making less money each time they sell.

[elasticband]

nice thread and great analysis.... what are KNC up to now......

[johnyj]

I see that as a 750 bitcoin of withdraw from the cold wallet, and to be on the safe side, send the rest of the coins to a new address

[Cconvert2G36]

Well when they get audited there going to have to prove they have bitcoins backing the notes.  There on NASDAQ not some shaddy OTC pink sheets.  There dumps seem counter productive as there taking down the price so there making less money each time they sell.

they're, they're, Their, they're, they're

Sorry, if it wasn't 5 times in 2 lines, I would let it slide.

[lyth0s]

I see that as a 750 bitcoin of withdraw from the cold wallet, and to be on the safe side, send the rest of the coins to a new address

Yeah this is how they sell the bulk of their coins. They probably won't sell anymore today. They break it up into chunks each with a new change address. So tomorrow we should expect to see another 500-750 coins being sold to bitstamp again and this will repeat until the rest of the 8400+ BTC are sold.

[freakying99]

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.  

FUD ALERT.... QUOTED POSTER WANTS YOUR BTC FOR CHEAP!

[lyth0s]

snip

FUD ALERT.... QUOTED POSTER WANTS YOUR BTC FOR CHEAP!

Yeah don't worry, no one listens to fonzie anymore

[lyth0s]

They will sell another 750 on Bitstamp today, they just moved the coins: https://blockchain.info/address/1NJYJx4epCziaqcAQPyy1aNDjqt1Dq8Sis

[CoinCidental]

snip

FUD ALERT.... QUOTED POSTER WANTS YOUR BTC FOR CHEAP!

Yeah don't worry, no one listens to fonzie anymore

anymore ? lol

[mrhelpful]

not sure if its for their sell off, or for their exchange they launched?

https://bitcointalk.org/index.php?topic=1064294.0 is that them as well?

[lyth0s]

not sure if its for their sell off, or for their exchange they launched?

https://bitcointalk.org/index.php?topic=1064294.0 is that them as well?

It's a sell off. Read the entire thread.

[freakying99]

not sure if its for their sell off, or for their exchange they launched?

https://bitcointalk.org/index.php?topic=1064294.0 is that them as well?

It's a sell off. Read the entire thread.

The sky is falling. Sell your btc! BTC to ZERO in days! LOL.
So many fudders out here its crazy.

[lyth0s]

not sure if its for their sell off, or for their exchange they launched?

https://bitcointalk.org/index.php?topic=1064294.0 is that them as well?

It's a sell off. Read the entire thread.

The sky is falling. Sell your btc! BTC to ZERO in days! LOL.
So many fudders out here its crazy.

Do you even know who you're talking to? Bitcoin is not going to "zero in days". It's only 9000 coins being sold over a week (probably) in 750 BTC/day increments, keep your panties on.

It's not FUD, its the truth and I link their trades each step of the way. Do your own research if you don't trust mine.

[lyth0s]

Another 750 BTC sold on 6/3/15: https://blockchain.info/tx/d7f41d402f9094be67318d68079dfd53efa3e6475c1560550970e80081acf2e9

And here is the remainder of their coins: https://blockchain.info/address/1A3BnSMaabgpJeX5qYsY4FExaWKeT2ZnqZ

So far no sells on 6/4 and 6/5.