What nature of scam is this? The official story is that Mt. Gox was a bitcoin exchange based in Shibuya, Tokyo, Japan, that was launched in 2010.
It claimed that hundreds of thousands of bitcoin—back then worth around $400 million, now worth $45 billion had been stolen in an elaborate heist. It had practically no remaining funds with which to process withdrawals.
Moving on 10 years and the story is that the Mt. Gox estate is now sitting on 200,000 bitcoin that has been recovered from a “forgotten” wallet, previously assumed by the exchange to be empty, but that had not been drained by the hackers.
Like most official stories, it's unlikely that any of this is true, so I won't even get into any of that side of things. What is interesting is the effect that this upcoming mass dumping of Bitcoin is having on the market right now in July 2024.
Not surprisingly the entire crypto market has had a big drop. I have long suspected that crypto markets are being constantly manipulated up and down by big investors like Blackrock with the goal of enabling them to buy low and sell high.
Or, given that they know in advance when each rise or fall will be, they don't even need to do that, because they can profit on the drops as well. As they are manipulating all the rises and falls, they always know what is coming.
This entire story sounds to me about as legitimate as the moon landing, or 911, or covid. But it makes no difference, the crypto markets are getting spanked right now.
