{"id":5552,"date":"2018-03-09T21:20:34","date_gmt":"2018-03-09T21:20:34","guid":{"rendered":"https:\/\/davidgerard.co.uk\/blockchain\/?p=5552"},"modified":"2018-03-12T17:45:59","modified_gmt":"2018-03-12T17:45:59","slug":"mt-gox-crashes-bitcoin-a-second-time-and-theres-more-to-come","status":"publish","type":"post","link":"https:\/\/davidgerard.co.uk\/blockchain\/2018\/03\/09\/mt-gox-crashes-bitcoin-a-second-time-and-theres-more-to-come\/","title":{"rendered":"Mt. Gox crashes Bitcoin a second time, and there’s more to come"},"content":{"rendered":"

Which whale dumped enough Bitcoins to crash the price in December<\/a>, January<\/a> and February<\/a>? It looks like it was the Mt. Gox exchange’s bankruptcy trustee, Nobuaki Kobayashi, selling the remaining coins to reimburse creditors.<\/a><\/p>\n

Kobayashi has sold about $400 million worth of Bitcoin and Bitcoin Cash \u2014 the latter being the free BCH that was given to every BTC holder<\/a> as of 1 August \u2014 since late September, as he told a creditors’ meeting<\/a> on Wednesday morning: 35,841 BTC sold for 38,231,389,537 JPY and 34,008 BCH sold for 4,756,654,806 JPY.<\/p>\n

The effect on the price was clearly visible. Reddit user riverflop posted this diagram<\/a> to \/r\/cryptocurrency, correlating the Mt. Gox Bitcoin selloffs with the Bitcoin price:<\/p>\n

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It seems odd to have sold the coins via a public exchange \u2014 rather than via auction or via the murky over-the-counter (OTC) markets. Kobayashi maintains he did this to get the best price he could.<\/p>\n

Both Mark Karpel\u00e8s,<\/a> proprietor of Mt. Gox at the time of its 2014 collapse, and the Kraken exchange<\/a> directly advised the trustees not to sell the coins this way:<\/p>\n

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Kraken advised trustee against selling on market (https:\/\/t.co\/mjvytwAZ7J<\/a>) and so did I.<\/p>\n

There isn't much I can do and I learned about the sale with everybody else when first reading the status report at the start of the creditors meeting.<\/p>\n

— Mark Karpel\u00e8s (@MagicalTux) March 8, 2018<\/a><\/p><\/blockquote>\n