Defunct cryptocurrency exchange Mt Gox has reportedly transferred 16,000 bitcoins sparking speculation that a cryptocurrency price crash will occur.
TheNextweb has quoted cryptocurrency analyst Ivo Jonkers that “It appears that the Mt Gox trustees have moved the funds to a walled 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.”
Looking at the blockchain data, multiple addresses were consolidated into a single wallet, which now has 0 BTC remaining. The wallets are under control of the exchange's bankruptcy trustee, Nobuaki Kobayashi, a Tokyo lawyer who also revealed in March that he had sold about $400 million of Mt Gox bitcoin and bitcoin cash in September of 2017.
Cryptocurrency Exchange, Mt Gox went out of business in 2014 after losing around 1 million of its customers' bitcoins, which then was worth approximately $387 million. Since then, however, the world’s most valuable cryptocurrency has since risen considerably.