RATE Group | One Billion Dollars’ Worth of Bitcoin to Flood Market, Courtesy of Mt Gox
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One Billion Dollars’ Worth of Bitcoin to Flood Market, Courtesy of Mt Gox

17 Sep One Billion Dollars’ Worth of Bitcoin to Flood Market, Courtesy of Mt Gox

Posted at 10:25h in Bitcoin News by

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Over one billion dollars’ worth of Bitcoin, out of circulation since 2014, will be re-absorbed into the market soon – and some say that this will cause the market to crash.

Mountain of Gox

I am referring to the money that was stolen from Mt Gox, once the world’s foremost Bitcoin exchange. In early 2014 it lost 850,000 bitcoins, worth $460 million at the time (and $5.5 billion now), to thieves that have not been found to this day.

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A large number of bitcoins were recovered, although by no means all, and they were put in the care of one Nobuaki Kobayashi. He holds in the region of $1.9 billion worth of BTC, enough to seriously mess up the market if it was all released. For example, he sold he sold 18,000 BTC in February and this did indeed cause a problem.

Now, the…

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