Is Mt. Gox Trustee Going to Tank the Crypto Market Again?
By: Ivy Riane
Tags: Bitcoin, Finance, Investing, Sentiment, Cryptocurrency

Image from Cryptocurrency News. Mark Karpeles, Owner of Mt Gox

I don’t know about you guys and gals but I am getting a little tired of the whole Mt Gox drama and I am ready for them to just be done and go away. That company hurt so many people and the crypto market in general so seeing their name in the headlines so much just makes everyone uneasy while raising more suspicions that the market is going to turn again.

More Assets Moving Around

We just bounced back to about $9,000 per Bitcoin and now rumors have come out that the trustee in charge of assets owned by Mt Gox, Nobuaki Kobayashi, has moved another $140+ million worth of Bitcoin (16,000 BTC) to wallets belonging to a crypto exchange. I guess this is a good thing and shows that the market has been bouncing back because no assets belonging to Mt Gox have been moved in about 3 months or so before this.

The Bitcoin were moved in increments of 2,000 BTC at a time from four different wallets, leaving 0 BTC in the wallets after the transfer.

Kobayashi is a Tokyo-based lawyer that was assigned to manage all of Mt. Gox assets and has been given the task of liquidating the assets in order to pay off creditors. The exchange officially closed their doors in 2014 and most of the creditors haven’t seen a dime yet of what they are owed.

Nobuaki Kobayashi. Photo Courtesy of Noandt.com

In March, news was released that Mt Gox assets worth $400 million had been sold off in September 2017 in Bitcoin and Bitcoin Cash. Personally, I think that was too big of a chunk to sell off at one time and could have had an impact on the price of the market at that time. And why did we only hear about it in March?

Blockchain data shows that Mt Gox has about 146,106 BTC left in their wallets.

The Tragic Mt Gox Saga

It’s awful what happened with Mt. Gox but it doesn’t seem that there is any way to fix that whole mess. In 2010, the company was operating at its peak and held about 80% of the global trading volume. Mark Karpeles owned Mt Gox at the time it closed and has been involved in legal battle after legal battle ever since from class action lawsuits to embezzlement charges.

Coindesk has even stated that previous sell offs of Mt Gox assets have caused major declines for the crypto market. One such transfer of funds came on February 5 and the market tanked 50% from its previously held all time market high of $830 billion.

Others in the cryptosphere on Twitter are claiming that Mt Gox is not allowed to sell off anymore assets because of the outstanding legal issues that the company is facing at the moment.

But, if you want the truth, I think that Mt Gox assets will be sold and soon so we may be faced with another dip in price. And with that many assets that still need to be sold off we may see many more dips in the future because its going to take quite a while to sell off all those coins.

I am not trying to be “Negative Nancy” or be the bearer of bad news but we need to keep ourselves educated and apprised of what is going on in the cryptoverse. Do not panic because if the market does goes down temporarily then we already know why. Whatever you do, I wouldn’t panic sell. If you have made profits then maybe sell some to lock in profits but I wouldn’t sell your entire position.

Do your own research before making any financial decisions and don’t take my word for it. I am not a financial advisor, I just write for fun.

Thanks for reading!

Ivy