Bitcoin crash: still victims of MtGox?

It is not often the case that we are witnessing the sale of tens of thousands of Bitcoins.

But the great theft of MtGox years later still reaps its victims. The huge drop in the markets of these days, as very often happens led by Bitcoin and then followed by everything else, seems to be strongly influenced by a strong sale on Bitcoin.

From the exchange led by Marck Karpeless, 850,000 Bitcoins disappeared in 2014. Today, numerous investigations conducted around the world have led to new requests for compensation, which were then partially executed.

In this case, Nobuaki Kobayashi, a Japanese lawyer for the defunct MtGox, said that he had sold 35,000 Bitcoins and 34,000 Bitcoin Cash still in the hands of the company that managed the former exchange to partially reward the creditors. Marck Karpeless, the former CEO, confirmed that these transfers took place from December to February.

The amount is one of the causes that in recent weeks has led to strong retracements in the Cryptocurrency market. Partly because of its intrinsic value, partly because, as a result of these strong sales, the panic selling sentiment as often happens is self-powered on the social networks and among the traders.

bitcoin chart with data of sales by MtGox attorney

The largest amount, 18,000 Bitcoin, was sold on February 6th, when Bitcoin hit the $ 6,000 low point.

The fall in the price is given by the fact that all the Bitcoins returned, the day after the return were sold by creditors.  The news of this sale was published only on March 7, and the MtGox Japanese lawyer claims to still have the equivalent of 1.9 billion dollars in Bitcoin to be returned.