[2018-04-27] Mt. Gox Moves Around $165 Mln In BTC And BCH From Its Wallets

[ivanpoldark]

16,000 Bitcoin (BTC) and 16,000 Bitcoin Cash (BCH) have been moved out of cold wallets associated with the infamous, now defunct Japanese Bitcoin (BTC) exchange MT. Gox today, April 26, according to Mt. Gox cold wallet tracking data on Crypto Ground.

The wallets are under the control of Mt. Gox’s bankruptcy trustee, Nobuaki Kobayashi. As displayed on the cold wallet monitor, the exchange has moved 16,000 BTC, worth $144 mln, and 16,000 BCH, worth around $21.7 mln by press time. The sums were moved out in multiple batches of 2,000 BTC and BCH to various addresses. The BTC amounts were then consolidated in two transactions to a single BTC address, and the BCH in four transactions to a single BCH address.

Investor and Bitcoin enthusiast Alistair Milne, wrote on Twitter that the cryptocurrency community “obviously [doesn’t] know if [the moved coins] were sold or just moved for some other reason.”  

Some reports claimed that the previously reported $400 mln Mt. Gox sell-off from December through February led to BTC prices dropping as low as $6,000 in February.

Mt. Gox used to be the largest Bitcoin exchange in the world until hackers stole around 850,000 BTC ($460 mln at the time) from it in February 2014. A criminal investigation and attempts to refund users who lost money are still under the way.

Earlier in April, Mt. Gox ex-CEO Mark Karpeles claimed that he “doesn’t want” the 160,000 BTC ($1.4 bln by press time) that will reportedly be left over after the exchange repays its creditors.

Bitcoin is currently trading at an average of $9,126, up 0.06% on the day to press time. Bitcoin Cash is trading at an average of $1,357, up 1.43 percent.

https://cointelegraph.com/news/mt-gox-moves-around-165-mln-in-btc-and-bch-from-its-wallets

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[1Referee]

I'm glad that the market doesn't give a damn about this. It perfectly shows that the market movers are confident that now Goxxie has enough liquid resources to eventually settle their debt, there will be no more dump fests, and it makes sense. Also, it's not Goxxie moving these coins, or the trustee, but the authorities, which is a very important difference.

Not sure what the reason is for the coins to move, but it doesn't really matter with the aforementioned in mind. I am quite sure that off-market, there are plenty of buyers eagerly waiting for these coins to be sold or auctioned privately. If they want, they can get rid everyone in one go with so much global interest. It would be hilarious if Roger Ver ends up attempting or actually acquiring the BCash the authorities now own.

[Karartma1]

I disagree.
We should be aware of the reason why these coins are back on the move and you cannot be sure that this transfer will not affect the market in any way. Until the situation about those fund is not clarified they should definitely not be moved

[BitcoinGuruOne]

Hmm, i was under impression that they sold everything that they had already.

Also it seems that they have more than enough to repay the investors and the interesting question is what happens to the rest of BTC.

My suggestion would be, just give the investors back their BTC proprtionally to their investment and let them decide what to to with them.