Mt Gox Moves 8200 Bitcoins From its Cold Wallet A Possible overthecounter

first_imgMt. Gox happened to be once the biggest Bitcoin Exchange across the globe as of 2014. It is believed that back them, Mt. Gox used to handle more than 70% of all Bitcoin transactions. However, the platform faced bankruptcy after it lost about 7% of its BTCs valued at $474 Million.After facing this bankruptcy, Mt. Gox CEO identified cold wallets with high amounts of Bitcoins, which was used to clear lawsuits and get the platform back in operation. However, with these efforts to suffice its debts and forge ahead, it has been faced with series of uncertainties where a significant amount of BTCs have been moved from their accounts, something feared to cause a market break.Merely two weeks ago, Mt. Gox moved about 16,000 BTC from their cold wallets (storage) in eight other accounts in a series of 2000 BTC. That was not the last massive transaction to happen because it has happened all over again!This time, slightly above 8200 BTCs have been moved from these cold storages to unidentified Bitcoin wallet. This wallet is supposedly not one of Mt. Gox wallets, thus raising more suspicions. The address provided was 1LncfoCX1yzuiW3hzejarvgZ1WahnAQ4o4, where 8214 BTCs valued at $76.7 Million at current BTC rates were transferred. The transfer was made in 4 chunks of 2000 BTCs being moved three times and the last and final transfer of 2214 Bitcoins at once.This transfer has resulted in a market damp where the value was expected to go higher but cannot. Raising more suspicions is the fact that this transfer of 8200 BTC was made into one single BTC address, unlike other previous transfers that were made to different accounts.Many people believe that each of these transfers might indicate a sell-off on cryptocurrency exchange or an over the counter trade where the remaining BTCs could be transferred. A total of 24214 BTC has been moved from Mt. Gox cold Bitcoin wallet all in few weeks.With court proceedings expected in September, there was a directive that barred Mt. Gox from selling the remaining BTCs and Bitcoin Cash. Therefore, these sudden movements and transfers should raise great suspicion. Even worse, this transfer of Bitcoins may result in a dip in Bitcoin’s market prices. To ascertain the percentages, in the last 24 hours, BTC has been trading at $8579 which is an 8% significant dip in its prices.Initially, the transfer of funds by Mt. Gox was seen as a move that resulted in a kick in a bear market since January 2018. However, the recent transfer of BTCs has seen institutions joining the cryptocurrency markets. The most recent being Facebook!Facebook the largest social platform has launched blockchain based projects that are expected to bring a new lease of relief. However, the reaction of these institutions remains a mystery.So, considering that Mt. Gox trustees were asked to sell-off more of their coins by local authorities and converted them into local currency, then such an external trade should mean that Mt. Gox is possibly being sold on an over the counter exchange.PREVIOUS POSTNEXT POST Mt. Gox Moves 8200 Bitcoins From its Cold Wallet: A Possible over-the-counter TradeMay 15, 2018 by AlleyVoice 407SHARESFacebookTwitterLinkedin Filed Under: Bitcoinlast_img read more