Mt. Gox Trustee Sell-Off Triggers Another Bitcoin Price Drop to $8,300

JP Buntinx | March 9, 2018 | 11:50 am

Mt. Gox Trustee Sell-Off Triggers Another Bitcoin Price Drop to $8,300

JP Buntinx | March 9, 2018 | 11:50 am

Cryptocurrency enthusiasts will have noticed all markets are getting battered. Volatility is an integral part of this industry, but the reason for the current sell-off is triggered by something else entirely. The Mt. Gox trustee is liquidating assets on behalf of the exchange’s victims. Unfortunately, he appears to be selling these coins across regular exchanges and crashing the price.

The Mt Gox Trustee

It is good to see the Mt. Gox debacle finally come to a close. More specifically, the trustee has allocated the funds necessary to repay all victims of this exchange. Thanks to the current Bitcoin price, fewer coins are needed to make this happen. At the same time, selling Bitcoin at the current prices is also problematic. As everyone can see, the price is tanking hard exactly because of this major sell-off.

It appears a total of 40,000 BTC need to be liquidated quickly. That represents a hefty chunk of money, which needs to be bought up by individuals and investors. Selling this amount of Bitcoin on the open market in large batches is not the correct approach. In fact, it is one of the biggest mistakes the Mt. Gox trustee can make. In doing so, this one person is effectively crashing the entire cryptocurrency market.

For anyone holding Bitcoin or altcoins, this is not good news. While everyone wants to put Mt. Gox behind them, this sell-off is not the right way to go. There are plenty of other options to sell this money without disrupting overall prices. Several service providers are even willing to help in this regard. So far, their advice is falling on deaf ears, as the Mt. Gox trustee just does what he thinks is best.

Purposefully Crashing the Bitcoin Price

Even though Kraken offered to aid in the sale, their request has been blatantly ignored. The company runs a dark pool where people can buy and sell large quantities which do not disrupt open market trading prices. Additionally, the funds could easily be sold through an auction and net even more money. For some reason, the Mt. Gox trustee isn’t even entertaining that idea either. It is a very disturbing approach and shows a lack of respect for the cryptocurrency ecosystem as a whole.

Crashing the Bitcoin price like this is completely unacceptable. It is unclear why this approach was taken, although it has all the traits of malicious intent. This is the fastest way to repay Mt. Gox victims.  However, these people have waited years to see their money back, thus a few days or weeks extra won’t make any difference. A proper approach is warranted in this regard, but so far, the damage has been done already.

It will be interesting to see how all of this play out. For now, the Mt. Gox trustee is quickly becoming one of the most disliked individuals in cryptocurrency. His approach leaves a lot to be desired and it appears things are not improving whatsoever. Rumors are flying around how this is a move orchestrated by governments looking to scoop up cheap bitcoins. An interesting thought, but fake news until proven otherwise

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  • Razvan Balica

    It’s obvious that this fucker opens short positions right before dumping.

    • JustSayin


    • Paul

      And right after dividend of BTCP. Who gets the dividends?

      But the dark pool way isn’t any better. Then we would never know who will crash it next.


    Explains why all the short positions in January reached their price because he sold as much as he could to keep the prince crashing and keeping it at the low levels where his shorts are met.

  • Mark

    Highly irresponsible when channels are available, without disrupting the entire crypto market! And, why has it taken so long to reimburse the people who got robbed?!

  • vince

    i’m glad the public is getting a chance to buy in because if they did it any other way the large institutions like Rothschild’s would buy up controlling interest and manipulate it more than they do now. Think about it.

  • iNGO

    Funds from incidents like hacks or other causes for bankruptcies should never be sold but RETURNED to the original owners. After all, the damage is also in missed profits from rising prices. These are just mindblowing preceedings. One man can orchestrate the entire crypto drama of the world. Yay! What an opportunity to become the richest man in the world by milking a half trillion dollar market for what it’s worth. I am sure he has had a lot of nice visitors with a lot more interesting offers than Kraken had. This is insane, how such kind of thing is even possible.

  • Winnie Oriana

    Be first, be smart or cheat

  • Andy J

    If this loser didn’t sell all the Bitcoin, he could have distributed it to the victims leaving Bitcoin at USD20,000. It is clear this is not done for the victims, but to crash the price.

  • Ty Thacker

    Japan government, lawyers, and Karpales are laughing to the bank. Mtgox trustees got F’d in the A hardcore. I hope karma bites them in the ass.

  • Douglas Smith

    As someone who had 1 BTC on MtGox and lost it, I consider this just another round of theft.

  • Stephen Carter

    Hey, you can transfer ur Bitcoins from any wallet to http://www.liviacoins .com and get it back directly to ur bank by wire in a day… just 3% service fee

  • Junie

    If the trusty is found to have bought bitcoins for himself after the crash he have caused, he should be charged and thrown in jail

  • Pedro Amster

    MrGox trustee is behind all the scams
    N1 he never could sell BTC for money without aproval from the original owners
    N2 why the fuck he sell bitcoin cash also?
    ( for shure it was not with good intencions )
    N3 why did he refuse kraken help to sell the funds without fucking the market ?
    ( this sounds very fishy )
    N4 why the original owners did not yet recieve all their funds also?
    (for shure he is trading with another peapol funds thats why the markets not stable )
    N5 i dont believe on the right state of mind the tokyo court allow him to exchange 400 milion ( unless he have some connects inside )
    N6 I really believe he knows everything about all the stolen exchanges in japan and also about the japan exchange CEO american guy found dead ( thats why they kill him and this for me its enough reasons to believe MrGox hack was an inside job and now ( once again ) they have the funds blocked from original owners and even like that they are fucking the market

    • Mark C

      N7 re-learn English 😂

  • Arnoud van Lieshout

    We need to hire someone and murder him

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