16,000 BTC valued at around $141 million was moved from Mt. Gox for what seemed like an initiative to liquidate the coins. CryptoGround, a service responsible for monitoring Mt. Gox’s Bitcoin and Bitcoin Cast wallets has brought this to light. Blockchain data shows that the coins which have come from numerous address have been accumulated into a single wallet. This raised questions about whether or not Nobuyuki Kobayashi, the lawyer from Tokyo in charge of Mt. Gox's estate is selling the funds in order to compensate the currently bankrupt company’s creditors. A CCN reports show that Kobayashi has previously sold over $400 million in BTC and BCH to cover JPY liabilities.
Many of Mt.Gox creditors wish the company to be moved from bankruptcy to civil rehabilitation which will allow them to be compensated in Bitcoin instead of cash. This is because, if they were to be compensated in cash instead of Bitcoin, the will be receiving only $480 per BTC, the rate at which Bitcoin was traded at the time of bankruptcy. Finally, the CEO has affirmed in a Reddit AMA session that he also wants the exchange to be moved into civil rehabilitation.
I highly doubt he will risk selling in s exchange again. This will be sold OTC for sure.
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dun dun dun...
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This is a VERY interesting situation and can't wait to see what the results of this 16000 BTC will have on the exchange rates. Furthermore, such a move might even help the company regain some of its credibility and strength among crypto users...
Thanks for sharing, namaste :)
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Excellent post!
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480 dollar per BTC!!!!!!
16000 BTC sell will have some effect on the market.
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So.. more coins to buy. Those will be worth alot one day.
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There will be a lot of interesting!
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