Where did the 12,400 BTC that was moved from Mt. Gox actually go?

OgNasty

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Quote from: stompix on May 28, 2024, 03:15:47 PM

What 12.400?
It's 141,686 coins being moved
https://mempool.space/address/1JbezDVd9VsK9o1Ga9UqLydeuEvhKLAPs6

Here is the PR from the trustee:
https://www.mtgox.com/img/pdf/20240528_announcement_en.pdf
They are starting to distribute coins.

It seemed to me like they were just consolidating everything, likely to make payouts easier on themselves in the future. My understanding is that no actual BTC has been distributed to anyone yet though and from the notifications I've received it seems like they're telling people not to expect anything until October, but maybe they're attempting to underpromise and overdeliver. I know I will be excited the day I get that email telling me some BTC has been deposited into my exchange account. I had given up hope on ever seeing these coins again several years ago.

stompix

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Quote from: tbct_mt2 on May 28, 2024, 10:16:50 PM

Quote from: stompix on May 28, 2024, 03:15:47 PM

What 12.400?
It's 141,686 coins being moved
https://mempool.space/address/1JbezDVd9VsK9o1Ga9UqLydeuEvhKLAPs6

With $20 - $30B daily trading volume (https://www.coingecko.com/en/coins/bitcoin/historical_data), if the transaction is only for $12,400 BTC, people would have not feel panic.

I would not be so sure about that, I've talked about that in the past:

Quote from: stompix on April 05, 2024, 08:46:51 AM

Take two half a litre glasses that are 2/3 full, and move 1/10 or 1/5 of the water between them.
You can move like a million litres, that is the volume, but what happens if you try to dump an additional litre into them? They both overflow.
So despite being able to move back an forth 1 million litres, just one poured without 1 taken out made them overflow.

That's the difference between value and market depth.

Look here:
https://coinmarketcap.com/currencies/bitcoin/
BTC/fusd volume is right now 5 billion, but it would take only 4 million to reduce the price by -2% (market depth).

Volume might be misleading, it takes only 3000 coins on Binance to get below 55k right now and then straight out of the order book.
Of course, it's nearly the same thing upwards and it's probably impossible to have all the sellers dump at the same time but I would not count don't the volume t be able to process nearly the same amount Ibit bought in 3 months that triggered the ascension by 30k without a hiccup in reverse.

pinggoki

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The first one is the only plausible one, the second one is only serving to escalate the fire that's already dying down with Mt. Gox, market manipulation is the most stupid thing that they can do and it would be a really crazy thing for them to do this because this will be another litigation against them. That's all there is to this movement of bitcoin, returning it to the creditors is the best move, now after that, it's all up to the creditors what they plan to do with their bitcoins, some will definitely sell them to make a huge profit, of that I can guarantee that's going to happen. Hopefully we can get some more news about this ongoing story of payment for the damages.

tbct_mt2

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Quote from: stompix on May 28, 2024, 03:15:47 PM

What 12.400?
It's 141,686 coins being moved
https://mempool.space/address/1JbezDVd9VsK9o1Ga9UqLydeuEvhKLAPs6

With $20 - $30B daily trading volume, if the transaction is only for $12,400 BTC, people would have not feel panic.

With $31B daily trading volume, it is about 453,306 BTC equally and they have reasons to worry about price falls if all or most people who receive distributions from Mt.Gox will sell their bitcoins on the market.

Because 141,686 BTC is about 31% of daily trading volume, smaller or bigger depends on different day and its total trading volume. They have fear that it's unrealistic to think people who got bitcoins stored on Mt.Gox before its last hack in 2014, will have diamond hands now and not sell their bitcoins 10 years later.

Bitcointalk history of MtGox and how a Bitcointalk post caught the MtGox hacker.

GbitG

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Quote from: Eleutheria on May 28, 2024, 02:38:30 AM

Quote from: shanhaigamefi on May 28, 2024, 01:49:52 AM

Payout to Creditors

How long have we been hearing this for? Since 2019 there is always speculation on preparation to payout the creditors who were hit by the hack, this is rumoured every year but never happens. I will not give any benefit of doubt until they actually start making the payments.

Hmm that's true Mate!
Everything they do is plan to return the funds to Mt.Gox creditors, but nothing appesars to have happened. But anyway this might be happen. But this time I think it will really happen i.e., Mt-Gox will refund the stolen Bitcoins to their creditors that were stolen from them through a trap in 2014. But as far as I know, this time Mt-Gox is going to pay its creditors because if we dig deep, the Mt-Gox exchange wallet has transferred 43,000 Bitcoin to the new wallet which is worth approximately 3 billion dollars. And the interesting thing is that this is the first time that Mt-Gox Exchange has transferred so much funds from its wallet.

So it means to ssy that this time maybe he is going to do something; that is, from this transaction, it seems clear that he is giving payment to his creditor, but anyway he can change his mind in the middle like the previous one.

stompix

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What 12.400?
It's 141,686 coins being moved
https://mempool.space/address/1JbezDVd9VsK9o1Ga9UqLydeuEvhKLAPs6

Here is the PR from the trustee:
https://www.mtgox.com/img/pdf/20240528_announcement_en.pdf
They are starting to distribute coins.

swogerino

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Quote from: ?? on ??

It's kind of intriguing to think about why those BTC got moved, right? Maybe it's part of the whole Mt. Gox creditors repayment thing, which has been dragging on forever. Or could it be someone trying to play the market? I mean, big Bitcoin moves can shake things up and be a way to make a quick buck. Then again, with Mt. Gox's history of getting hacked, maybe it's just a precaution to beef up security. Whatever the reason, it's definitely something that could shake up the crypto scene.

I doubt that could shake up the crypto scene as it is looking quite stable right now the crypto scene and with Bitcoin and also alts not moving I doubt any news can shake the market.In fact even the hacking of a huge exchange would not shake the market,the market is used to this type of moves now,also the latest scandal with FTX and his CEO did not impact that much Bitcoin market,or in fact only little bit,just some time and the market recovered itself pretty well so I don't know what we need in order for the market to shake,I think we are in a very "bad" stable market from quite some time now and I doubt any we will see any change soon.

Eleutheria

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Quote from: shanhaigamefi on May 28, 2024, 01:49:52 AM

Payout to Creditors

How long have we been hearing this for? Since 2019 there is always speculation on preparation to payout the creditors who were hit by the hack, this is rumoured every year but never happens. I will not give any benefit of doubt until they actually start making the payments.

As for the other options, they cannot possibly be trying to manipulate the market with other people's money and who would spend such an amount on security, is that coming out of the pockets of the victims of the hack?
They can just disburse the recovered money and not have that problem to worry about.

shanhaigamefi

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Speculations:

Payout to Creditors: One plausible theory is that these BTC were moved as part of the ongoing efforts to repay Mt. Gox creditors. The bankruptcy proceedings have been lengthy and complex, and these movements might signal a step towards resolution.

Market Manipulation: Another theory is that the BTC were moved to take advantage of market conditions. Large movements of Bitcoin can impact the market, causing price fluctuations that could be exploited for profit.

Security Concerns: Some believe that the Bitcoins were moved as a precautionary measure to enhance security. Given the history of hacks and thefts associated with Mt. Gox, this might be an effort to protect the remaining assets.

Topic: Where did the 12,400 BTC that was moved from Mt. Gox actually go? (Read 150 times)