Bitcoin Price Hit 2018 Lows Because Of ₦145 BLN ($400 mln) Mt.Gox Sell-Off: Reports

Bitcoin prices fell only ₦2.1Mln ($6000) in 2018 as a result of Mt.Gox trustee “panicking” and selling ₦145 BLN ($400) mln worth of bitcoins (BTC), reports suggest this week.

As multiple news outlets reported from March 7, Nobuaki Kobayashi has sold over 35,000 BTC and 34,000 BCH (Bitcoin Cash) to be able to pay the defunct exchange's creditors.


The sales occurred via an Exchange, with every sale appearing to make Bitcoin markets lower. Former Mt.Gox CEO Mark Karpeles confirmed the transfers took place from December through February.

When BTC/USD hit ₦2.1Mln ($5900) Feb. 6, Kobayashi had transferred 18,000 BTC ($180 mln) the afternoon prior, entrepreneur Alistair Milne reported on Twitter March 7 quoting the r/mtgoxinsolvency subreddit.
Kobayashi himself related the selling practices at a creditors'meeting exactly the same day, Matt Odell adds.
“They (the trustees) panicked and sold the bottom. Market absorbed it well,” he wrote by means of comment.

2/ Full list of transfers out of their wallet. More than half of the bitcoin they sold (18k btc) was transferred to an exchange on Feb 5th. The day before bitcoin hit its 3 month low of ~$6000. They panicked and sold the bottom. Market absorbed it well.

h/t @alistairmilne pic.twitter.com/obYgbgBHpx

— Matt Odell (@matt_odell) March 7, 2018

BuyBitcoinsInNigeria also reported on the ongoing Mt.Gox FBI investigation this week, as unofficial detective work by UK broadcaster the BBC increased suspicion on an alleged London “shell” company that could have helped launder the exchange's stolen bitcoins.

Mt.Gox was the biggest Bitcoin exchange on earth until hackers stole around 850,000 BTC as a result in February 2014. A criminal investigation and attempts to refund users who lost money continue to be ongoing.