Test Transaction from Wallet Containing $2 Billion Mt. Gox Bitcoin: Distribution Continues
Date: 2024-08-14 Author: Oliver Abernathy Categories: CRYPTO PAYMENTS
A cryptocurrency wallet that recently received $2 billion in Bitcoin (BTC) from the custodian of the bankrupt exchange Mt. Gox has conducted a test transaction this week. According to analysts at Arkham Intelligence, the move may be in preparation for the distribution of funds to creditors. The company’s experts also believe that the wallet in question belongs to crypto custody service BitGo, which is one of five operators participating in the token distribution to creditors. BitGo is the last of the partners not to complete the distribution process.
This test transaction follows a transfer of 33,100 BTC two weeks earlier, which was valued at $2.2 billion at the time. The funds were transferred from a cold wallet at Mt. Gox, where creditors’ assets were stored.
Arkham representatives explained how they were able to identify the wallet as belonging to BitGo. In a Telegram post, they noted that the address was grouped with a large cluster of inputs that were identified as BitGo due to the custody structure and types of wallets used. They also noted that they were able to identify other distribution partners from Mt. Gox, which allowed them to perform a process of elimination and determine the last remaining wallet.
Meanwhile, on a Reddit channel dedicated to Mt. Gox creditors, some users reported receiving funds in their BitGo accounts. However, this information has not yet been confirmed by CoinDesk.
BitGo has not responded to CoinDesk’s request for confirmation of the transaction at the time of publication.
Japan’s Mt. Gox, once the world’s largest Bitcoin exchange, was hacked and shut down in 2014. The distribution of more than 140,000 BTC and a similar amount of Bitcoin Cash (BCH) has become a major topic for investors concerned about a potential sell-off by creditors who have been waiting for their funds for a decade.
The custodian managing Mt. Gox’s assets began the process of distributing the tokens in early July, sending Bitcoin’s price below $54,000. Exchanges approved by the custodian to repay creditors include Bitbank, BitGo, Bitstamp, Kraken, and SBI VC Trade.
