Attempts to Sell Massive Amounts of BTC Reported - Mt. Gox Selloff Suspected

As we recently reported, the Mt. Gox Mt. Gox Mt. Gox is the name of a Japan-based cryptocurrency exchange that was infamously hacked for 850,000 BTC worth roughly $450 million at the time in February of 2014. During July 2010 Mt. Gox formally launched Mt. Gox launched its exchange and price quoting service. It was subsequently sold to French developer Mark Karpelès in early 2011.Prior to its hacking, Mt. Gox suffered from other security vulnerabilities as early as June 2011. On 19 June, 2011, a security breach of the exchange caused the no Mt. Gox is the name of a Japan-based cryptocurrency exchange that was infamously hacked for 850,000 BTC worth roughly $450 million at the time in February of 2014. During July 2010 Mt. Gox formally launched Mt. Gox launched its exchange and price quoting service. It was subsequently sold to French developer Mark Karpelès in early 2011.Prior to its hacking, Mt. Gox suffered from other security vulnerabilities as early as June 2011. On 19 June, 2011, a security breach of the exchange caused the no Read this Term saga isn't over yet. Nobuaki Kobayashi, the bankruptcy trustee of the defunct Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term exchange, started to sell off his massive holdings of Bitcoin in September last year, culminating in the sale of 18,000 bitcoins on the 5th of February. This was seen as irresponsible by many, because an amount of that size being suddenly released is harmful to the market.

Some are now reporting that someone is searching for buyers for another huge amount of cryptocurrency. A connection to Mt. Gox is suspected by some, but not confirmed.

I've had 3 people offer me 200k Bitcoin. There is clearly a massive seller around! Mt Gox?

— Ran NeuNer (@cryptomanran) March 26, 2018

Ran Neuner is a writer at CNBC. The amount offered to him is worth more than 160 million dollars at the current price.

Others have also voiced concern:

“MTGOX keeps selling out. Despite promises not to sell more till September, he just sold 7000 bitcoins crashing the price again! His MTGox wallet is here https://t.co/yPJeVaNlG0”

— Yazan Al Homsi (@makingmoneynow1) March 27, 2018

The excitement began four days ago, when an address holding more than 150,000 bitcoins moved 7,000 of them to an exchange:

However, this wallet is not listed on the website that tracks Mt. Gox-associated cold wallets. There has been no recent movement reported from there.

This is another example of how in the cryptocurrency world, a couple of comments can cause tensions to run high. People are very sensitive to the words 'Mt. Gox' because Kobayashi holds about 1.9 billion dollars' worth of Bitcoin, enough to ruin the market if it was suddenly released. The aforementioned sale of 18,000 bitcoins, for example, caused the price to crash to a three-month low by the following day.

Mt. Gox, short for 'Magic: The Gathering Online eXchange', was a Bitcoin exchange founded in 2010. By 2013 it handled more than 70 percent of all Bitcoin transactions. In February 2014 it closed down and filed for bankruptcy, claiming that around 850,000 bitcoins had been stolen. The culprits were never found. The remaining funds were put into a trust, managed by Kobayashi, with the intention of paying back customers.