New Mt Gox leaked docs say trustee crashed crypto markets in 2018
A new piece of evidence shows more numbers matching up and reveals the BitPoint exchange.
Mt Gox disappeared into the ground with hundreds of thousands of bitcoin still inside; it went bankrupt and locked up user funds after a series of exchange thefts.
When bitcoin increased in value, it led to the unprecedented situation of a company being worth many times more when bankrupt than when operational. It also put the Mt Gox estate trustee in the position to reimburse creditors and to sell all that bitcoin.
When Gox bitcoin started moving in 2018, it didn't take long for people to realise that these sell-offs directly matched clear BTC price downturns.
This raised suspicions of the bitcoin being sold on the open market, which simultaneously impacted bitcoin prices and also netted the Mt Gox estate worse prices than it could have gotten otherwise.
A new set of documents leaked to goxdoc.com supports the theory of a Gox sell-off wrecking bitcoin prices. For the first time, it also reveals who's doing the selling, showing payments of US$318 million equivalent from the BitPoint exchange to the Mt Gox estate.
The new documents show a spree of sell-offs in May, which was the month bitcoin prices really hit their downwards stride from near $10,000 to the $7,000 range.
- Ethereum price set to climb higher after the London hard fork: Expert analysis
- Cryptocurrency predictions, altcoins and events to watch in August 2021
- Expert analysis: Bitcoin primed to hit AU $67k in the near term
- Explained: Ethereum’s London hard fork (EIP-1559) launches today – what you need to know
- Ethereum’s price rallied ahead of EIP-1559, but is a correction on the way?