{"id":4377,"date":"2018-03-19T00:00:00","date_gmt":"2018-03-19T00:00:00","guid":{"rendered":"https:\/\/crypto-economy.com\/2018\/03\/19\/investors-angry-with-mt-gox-for-withdrawing-funds\/"},"modified":"2018-03-19T00:00:00","modified_gmt":"2018-03-19T00:00:00","slug":"investors-angry-with-mt-gox-for-withdrawing-funds","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/investors-angry-with-mt-gox-for-withdrawing-funds\/","title":{"rendered":"Investors angry with Mt Gox for withdrawing funds"},"content":{"rendered":"
Traders and the Bitcoin community have been angered that the Mt Gox<\/strong> trustee has been dumping bitcoins that were left over from the collapsed exchange on the coin market. Mt Gox was one of the earliest exchanges which was founded in 2010 but went under in 2014 after $450 millon worth of bitcoins was stolen from the exchange. The hack made the company which was the biggest exchange to declare bankruptcy and the funds left were entrusted to a Tokyo based attorney to manage.<\/p>\n Nobuaki Kobayashi, the attorney in charge of the Mt Gox funds said that he sold off $400 million worth of the Mt Gox Bitcoins on February 5<\/strong>. A day later, Bitcoin prices crashed to a three month low of $6,400.<\/p>\n The coins in custody of Kobayashi was placed in trust to pay back investors who lost money in the exchange. It seems that the attorney is determined to sell them off in exchanges to maximize profits.<\/p>\n This has raised concerns among crypto enthusiasts on why such a large volume of cryptocurrency should be dumped on the market at a time. Kobayashi is in possession of 166.000 bitcoins and there have been discontent at having such a high volume of coins pushed into the coin market. The effect which obviously would be price dip. This has always been the effect of having so much coin in the market at the same time.<\/p>\n <\/p>\n