Crypto News | Mt. Gox Sell-off Put on Hold

After a pretty rough week, Bitcoin is doing OK once again. After eyeing the $12 k barrier for a few days, before tumbling down by close to 30%, the price of BTC is approaching $10,000 once more. We talked about the apparent causes of the price dip a couple of days ago, when things were looking pretty grim, but basically it boils down to three things: SEC regulation, the Binance hack and the Mt. Gox Sell-off.

When it comes to the latter, you may already know the story. Once the biggest cryptocurrency exchange in the world, Mt. Gox went bankrupt after a huge hack resulting in 850,000 Bitcoin going missing basically buried the exchange under a huge mountain in 2014. The creditors are still after the money they lost, however. Even though the company went bankrupt, it left behind almost $2 billion in coins (at the current market price). Nobuaki Kobayashi, the bankruptcy trustee, has been conducting a massive Mt. Gox Sell-off to pay off creditors. Starting in September of last year, he has been flooding the market with a large amount of coins, basically tanking the price of Bitcoin and Bitcoin cash.  So far, he has sold 35,841 Bitcoin and 34,008 Bitcoin cash, with 166,000 Bitcoin yet to go. The good news is, there will be a court hearing regarding the Mt. Gox bankruptcy in September. Many are hopeful that Kobayashi won’t be able to flood the market further before that happens. If that is true, then the price of BTC may finally get some breathing room over the next six months.

On the topic of the Binance hack, or the hacking attempt, rather, Zhao Changpeng, Binance founder and CEO, is not letting the perpetrators get away scot-free. In a statement released on Sunday, Zhao offered $250,000 (in crypto) to anyone who can provide quality information that may lead to the hackers getting arrested and seeing some justice. To recap what happened last week, Binance was the target of a large-scale phishing/hacking attack. No funds or accounts were compromised, and the hackers even lost some coins (probably as a part of a scheme to the note of “I’m legit – I’ll send you a couple of coins, and you send me more coins in return”). To dissuade any potential hackers from trying that ever again, Zhao also announced that Binance will be setting aside coins worth $10 million for further bounties in the future and for combating cyber-crime in general.

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Author: Max Rothstein

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