The transactions were first flagged by CryptoGround — a service that monitors Mt. Gox’s Bitcoin and Bitcoin Cash wallets. Blockchain data indicates that the coins, which came from multiple addresses, were consolidated into a single wallet, with 0 BTC remaining in the source addresses.
Notably, the 16,000 Bitcoin Cash stored that corresponded to those same addresses were moved as well. Those coins are worth approximately $21 million at the present exchange rate.
The transactions sparked questions about whether Nobuaki Kobayashi, the Tokyo lawyer in charge of Mt. Gox’s estate, is preparing to sell the funds in order to compensate the bankrupt company’s creditors. Wich would cause another drop in price like we saw in the last selloff.
Some have speculated that Wednesday’s sharp market decline could have been spurred by Kobayashi selling the coins to an OTC buyer at a below-market rate. Though the coins would have only just been delivered today, the theoretical buyer could have sold coins already in their possession at the market rate, profiting from arbitrage but driving the price lower.
The remaining funds would likely go to former CEO Mark Karpeles, who said in a Reddit AMA that he does not want them.
Learn how to store your cryptocurrency safely in our beginners guide here.
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