US Gov’t Not Linked to Mt. Gox Bitcoin Wallets: Price Impact Minimized29. April 2023
• Rumors surfaced regarding the US government and Bitcoin wallets.
• Arkham Analytics clarified that no inaccurate alerts were sent to users, and that the US government was not responsible for moving or selling Mt. Gox-related assets.
• The situation was resolved and any potential negative impact on Bitcoin’s price was minimized.
Rumors of US Government Involvement with Bitcoin Wallets
The crypto community has been abuzz with speculation as rumors circulate about a possible connection between the US government and Bitcoin wallets. This news has left many wondering how this development could affect the price of Bitcoin in the long run.
Arkham Analytics Investigates
Following reports from blockchain analytics firm Arkham, it became clear that wallets associated with Mt. Gox and the US government had transferred substantial amounts of Bitcoin. However, Arkham CEO Miguel Morel clarified that these activities were not connected, implying that the US was not necessarily involved in moving or selling Mt. Gox-related assets.
Bug Fix Causes Confusion
An hour later, Arkham announced on Twitter that an alert had mistakenly been sent to a “small subset of users” due to a bug fix related to Bitcoin transactions within their system. DB set two alerts on all Bitcoin transactions above $10k without counterparties set and named them ‘Mt Gox’ and ‘US Gov’ which caused confusion amongst users when the bug fix activated previously set alerts.
Arkham Clarifies Findings
Late Wednesday, Arkham revised its findings once more clarifying that neither their alerts nor attention on Twitter had any effect on the sudden dip in the price of Bitcoin as they did not correspond in timing with when it occurred, indicating other factors were at play leading to this dip in value.
As it became clear that neither wallet movements were connected nor was the US government involved in moving or selling Mt Gox-related assets, any potential negative impact on Bitcoins price was minimized greatly decreasing any risk attached to this news circulating around crypto community members globally.