Truth About Mt Gox Bitcoin Transfer News That Led To BTC Crash

Crypto Market News: A bug fix related incident by Arkham Intelligence came at the same time as Bitcoin price crashed on Wednesday, in a roller coaster ride for the top cryptocurrency in the last 24 hours. This came on top of the price correction in crypto market amid weakening macro economic scenario followed by some positive momentum due to the falling First Republic Bank stock price.

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Earlier, popular Twitter account focused on crypto news, DB (tier10k), tweeted quoting an Arkham Intelligence alert that said Mt Gox and US government wallets were making transactions. Although the Bitcoin price had already fallen by the time the tweet was published, Arkham later clarified that the alert was erroneously set to a “small subset of users,” which apparently included DB.

Arkham Explains Bug Fix

Following this, Arkham explained that they had just fixed a bug related to Bitcoin alerts. The fix effectively made them to no longer send alerts to a the users. Further, Arkham said DB had earlier set alerts on Bitcoin transactions above $10,000, with names “Mt Gox” and “US Gov”. Hence, when the bug was fixed, users received the alerts set previously.

“When we fixed a bug causing us to not send alerts on configs like this, he then correctly received many alerts based on his parameters. No one received inaccurate alerts, they simply began receiving the alerts they had previously set.”

Although it is entirely possible that the Bitcoin price crash happened irrespective of the erroneous Arkham alerts, incidents like these could give regulators further scope for tightening laws on crypto market transactions.

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Anvesh reports major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate of decentralized technologies. Anvesh is currently based in India. Reach out to him at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.