Samson Mow Predicts Immediate Bitcoin Cash (BCH) Sale From Mt.Gox
Highlights
- Samson Mow believes Bitcoin Cash investors from Mt.Gox might get sold off
- The defunct exchange is making comprehensive repayments now
- Investor action remains tough to predict as exchange prepares to distribute funds
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.
Mt.Gox Customers Set to Trade Bitcoin Cash For BTC
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 against, the Bitcoin Evangelist explained.
It is worth noting that the defunct exchange had confirmed that it was distributing both Bitcoin and Bitcoin Cash to its affected customers.
HODLing #Bitcoin for 10 years, watching the Blocksize Wars and Ver’s antics, who wouldn’t sell their BCH from Gox immediately?
No one. https://t.co/WI3C1oofI1
— Samson Mow (@Excellion) July 16, 2024
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?”
Mt.Gox Begins to Transfer BTC And BCH to New Wallets
It is not yet certain if the trend with most of these Mt.Gox customers will follow his pattern, but the next few days will tell as the exchange is keen on commencing the payouts as soon as possible.
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.
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