Samson Mow Predicts Immediate Bitcoin Cash (BCH) Sale From Mt.Gox 🚨
Jan3 CEO and popular Bitcoin bull Samson Mow believes that beneficiaries from the repayment exercise of the defunct cryptocurrency exchange Mt.Gox might waste no time to offload their Bitcoin Cash (BCH) holdings.
The conversation started earlier on X with Mow speculating that only about 20% of the Mt.Gox Bitcoin distribution will hit the market. On the other hand, the remaining 80% of the same holding will just move to cold storage or be borrowed .
It is worth noting that the defunct exchange had confirmed that it was distributing both Bitcoin and Bitcoin Cash to its affected customers.
On this premise, Mow stated that all the Bitcoin Cash might get dumped in the market. One X user responded to Mow’s post, claiming that he had figured out how to extract and dump his BCH for more BTC almost immediately after the transaction of confirmed. According to this user, he got the information from GitHub and believes that other Mt.Gox beneficiaries will trail the same path once their BCH is paid.
Mow further highlighted the fact that most of these customers have waited for up to 10 years to recoup their assets after the exchange suffered an attack in 2014. In his opinion, quite a number of them have watched “Blocksize Wars and Ver’s antics”, therefore “who wouldn’t sell their BCH from Gox immediately?”
Within the last 24 hours, activities have been identified on some wallet addresses linked with the crypto exchange. In the early hours of today, crypto trackers spotted a Mt.Gox Bitcoin transfer worth 44,527 BTC to a new crypto exchange. At the time of the transfer, the holding was worth approximately $2.84 billion.
A few hours after the first transfer, blockchain analytics platform Arkham Intelligence spotted another move of 48,641 $BTC, valued at $3.07 billion, to a new address beginning with 3JQie…YyFrE. In the meantime, only Kraken has admitted to receiving crypto assets from the firm in preparation for the repayment exercise.
