16000 BTCs Were Moved From Mt. Gox Wallet

16000 BTCs Were Moved From Mt. Gox Wallet

Bitcoin Business CRYPTOCURRENCY NEWS
Apr 27, 2018 by Pooja Nagpal
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16,000 Bitcoins worth $140 million was moved from the wallet of Mt. Gox the infamous cryptocurrency exchange.
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Bitcoins worth $140 million were moved from Mt. Gox wallet 

Thursday Morning, it was reported that 16,000 bitcoins worth $140 million were moved from the infamous Mt. Gox crypto exchange, Tokyo, Japan. The exchange has been declared defunct after this incident. It is claimed that the incident has been taken place intentionally by the estate’s trustee who was liquidating coins.

The transaction cost is predicted by CryptoGround. It is the service that monitors Bitcoins and transnational wallets related activities of Mt. Gox. It was found that coins came from different sources and after getting consolidated in one wallet were transacted to single address as per the Blockchain transaction tracking. the transaction happened till the source wallet became zero as a number of bitcoins.

It is to note that the bitcoins that were moved from the same address approximately have worth $ 21 million today in the market. Somehow the incident raises the questions whether Nobuaki Kobayashi, the Tokyo lawyer in-charge is preparing to sell the financial funds to compensate the creditors of company’s announced bankrupts.

Earlier this year he has sold $400 million BTC and BCH to recover from JPY liabilities of the exchange. He was badly criticized for selling the BTC and BCH on order book cryptocurrency exchange instead of Over-The-Counter (OTC) channels.

The OTC is usually used by the institutional traders. It is believed that large exchange orders may lead to a larger swing in the prices of cryptocurrency throughout the market globally.

The Wednesday price of bitcoin was comparatively low than the Thursday one, it is assumed that the price has soared a bit because of the OTC selling of BTC below the market prices.

Currently, the company is to be compensated in fiat currency $ 480 per BTC, it is the price value of bitcoin when the company was announced bankrupt. And the remaining funds will go directly to the former CEO of Mt. Gox, Mark Karpeles. He says that he doesn’t want any money but want to see converting Mt. Gox from the exchange to the Civil Rehabilitation.