Credit: Hacker Noon

By Jon Porter April 27, 2018 1:07 pm

The cryptocurrency exchange Mt Gox has moved 16,000 bitcoins out of its wallet to an address that may be associated with an exchange desk.

Selling this many Bitcoins at once, which are currently valued at over £100 million, could prove disastrous for the value of the cryptocurrency. Supply of the currency would be flooded, and in the absence of a comparable rise in demand the price is likely to fall.

Mt Gox was formerly one of the world’s biggest cryptocurrency exchanges before the loss of 1 million of its customer’s Bitcoins forced it to close in 2014.

This is the first time the exchange has moved any of its assets in three months, reports The Next Web, which first spotted the latest transfer. The last time it decided to sell off its funds, a massive price shock followed.

An influential Bitcoin wallet
With these assets yet to be sold, some are reporting that any sale attempts would be blocked.

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