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

A massive account transferred 7,000 bitcoins to an exchange, and some have been approached to buy.

As we recently reported, the Mt. Gox saga isn’t over yet. Nobuaki Kobayashi, the bankruptcy trustee of the defunct Bitcoin 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.

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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:

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.


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