$140 Million Bitcoin Moved From Mt. Gox Wallet

$140 Million Bitcoin Moved From Mt. Gox Wallet

Around 16,000 Bitcoin, which are associated with the infamous Mt. Gox cryptocurrency exchange, was moved earlier this morning on April 26, causing speculation regarding the estate’s trustee preparing to liquidate more coins.

The transactions, which were flagged by CryptoGround, which is a service that monitors Mt. Gox wallets, reported that the coins came from multiple addresses and were consolidated into a single wallet that had 0 BTC in it.

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There was also 16,000 Bitcoin Cash that were moved to the same address. Those coins are worth approximately $21 million at the current exchange rate.

The transaction has those in the crypto sphere questioning whether this transaction is in preparation to sell the funds in order to compensate the bankrupt company’s creditors.

Kobayashi, the Mt Gox bankruptcy trustee, sold more than 400 million in Bitcoin and Bitcoin Cash to cover the exchanges liabilities. He was criticized by many for not utilizing over-the-counter channels (OTC) which most large institutional traders use. This would ensure that there would be no rapid price swings that could ripple throughout the global marketplace, thus affecting all crypto traders.

Some are speculating that the sharp market decline that occurred on April 25, in which $1000 worth of Bitcoin was sold in less than 24 hours, was spurred by Kobayashi. However it is possible that he is consolidating assets and is preparing to sell them or has already done so is pure speculation at this point.

In the meantime, many Mt. Gox creditors who have been affected by the shutdown of the exchange are advocating that the bankruptcy be moved into “civil rehabilitation”. This would allow the affected to be compensated in Bitcoin.

At the moment, they stand to be compensated in fiat at the rate of $480/BTC, which is around the rate of which Bitcoin was trading at when the firm entered bankruptcy.

The remaining funds, which are estimated to be around several billion dollars, would most likely be dispersed to Mt. Gox ex-CEO Mark Karpeles. He recently stated within a Reddit AMA that he does not want any of the remaining funds and is seeking to have the exchange move to civil rehabilitation.

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