Mt. Gox moves $140M worth of Coins, cryptocurrency crash predicted

Mt. Gox trustee appointed to sell the now defunct exchange's remaining digital coins has moved another substantial block of both Bitcoin and Bitcoin Cash from out of cold storage

Mike Richardson
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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.