Gox: “Bitcoin market crash is not our fault!”

Mt. Gox denies being partly to blame for the price of the cryptocurrencies. Mt Gox sold over 400 million USD worth of Bitcoin and Bitcoin Cash last winter. At the same time, Bitcoin price fell in several times.

Mt. Gox’s insolvency administrator Nobuaki Kobayashi issued a statement in which he comments on the allegations regarding the million dollar Bitcoin sale. In the  Q & A document, he claims to have sold Bitcoin (BTC) and Bitcoin Cash (BCC / BCH) from December 2017 to February 2018. When asked how he chose the time, Kobayashi answers:

“As the market price of BTC and BCC [BCH] is subject to significant fluctuations, it is difficult to predict whether the market price will rise or fall at any given time. The exact timing I have determined after consultation with the court. “


Exact transaction periods unknown

He does not reveal how, where and when the transactions took place. The rationale for this is that you could endanger potential future sales otherwise. On the question of whether the sale has influenced the market price, Kobayashi answers:

“I did not sell BTC and BCC [BCH] through the exchange in the normal way, but in a way that avoided influencing the market price while ensuring the security of the transaction as well as possible. The court has approved the sale method. Therefore, I do not believe that our sale of BTC and BCC [BCH] has affected market prices. Please note that the transfers of addresses I manage do not necessarily mean that I sold Bitcoin at those times. Please refrain from analyzing the correlations […] between our sale and the market prices based on the assumption that the sales took place at the time that BTC and BCC [BCH] were sent from the addresses I manage. Such an assumption is wrong. “

So the public moves on the Mt. Gox accounts should not have been the actual transactions. Since they do not announce the method, many now expect a trade on a dark pool.

Analyzes do not give a clear result

Analysis by Cointelegraph showed that sales (if they took place at the times in question) were, at least in the short term, less crucial to the overall trend. Bitcoin price ended only once in the red after the five sales. It was possible that sales made the course entertainingly slipping, but investors immediately let it rise again. Nevertheless, the amounts currently sold by Kobayashi are likely to trigger panic on the market. Other research concluded that Mt. Gox is very likely to be partially to blame for the price erosion.

Mt. Gox was one of the leading Bitcoin exchanges until she fell victim to a hack in 2014. About 850,000 Bitcoins were stolen. The company then had to file for bankruptcy. Two weeks ago it became known that Mt. Gox had sold 35,841 Bitcoin and 34,008 Bitcoin cash to become liquid for its creditors, there was criticism. The sales took place over the same period, when Bitcoin and other crypto currencies lost much of their value. Many blamed the stock market for selling at a bad time and for a low price, and for sharing the downside.

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