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Tokyo Bitcoin ‘Whale’ Reportedly Preparing for New $170 Mn Bitcoin Move

Mt Gox is Ready for Another Round.

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Cryptoground, The website that control the BTC moves involving the Mt Gox wallets, has reported that a roughly $169 million worth of bitcoin and Bitcoin Cash was transferred Thursday from the members’ wallets, which immediately prompted speculations that the crypto-titan, and more particularly Nobuaki Kobayashi, the lawyer for the Mt Gox trust who’s been dubbed the “Tokyo whale,” will perhaps soon engage in business again.

Mati Greenspan, senior market analyst at eToro, a social trading and multi-asset brokerage company, was quick to weigh in on the debate:

“Some in the cryptocurrency community have been a bit worried about the recent movement of bitcoin out of the Mt Gox settlement wallets,”

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If the sale takes places, it will be the first sizeable operation since Mt Gox, which fell victim to a massive hacking attack in 2014, offered for sale roughly $400 million worth of bitcoin and Bitcoin Cash in March. This time, the value of the transferred batch stands at around $169 million, including 16,000 bitcoins, +3.88% and 16,000 Bitcoin Cash.

Predictions Look Generally Bright

“If they are smart about it, it won’t have a material impact,” MarketWatch cited Martin Garcia, managing director and co-head of sales and trading, at Genesis, as saying. “However, it all depends on the market at the time. If it’s going up, the market will absorb it easily.”

 

Given the recent bull-run in the cryptomarket, with digital currency rates on the rise, the timing doesn’t come as a surprise. For instance, Bitcoin hit the $9,700 mark, which is a six-week high, early on Wednesday, despite losing some of its gains in the next several hours.  All the major virtual coins are showcasing growth, with Bitcoin and Bitcoin Cash trading at $9,364.98 and $1,409.69 respectively.

After Thursday’s transfer, a total 146,106 units of both currencies are reported to be on Mt Gox wallets, accounting for over $1.5 billion, as of current market price.

Kobayashi is tasked with eliminating the tokens on behalf of the trust’s creditors, most of whom lost their savings following the 2014 collapse. The process has already raised much controversy, however, since there is discrepancy between the value of the bitcoins held by Mt Gox and the overall amount claimed by the exchange’s creditors.

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