BTC: Mt. Gox-Linked Wallet Holding $2 Billion in Bitcoin Performs Test Transaction
- An address recently credited with $2 billion in Bitcoin tied to Mt. Gox bankruptcy funds has made a test transaction, suggesting that distribution of the funds to creditors may be imminent.
- BitGo, a crypto custody platform, is likely the holder of this wallet, being one of the last partners approved for the distribution of tokens to Mt. Gox creditors.
- Mt. Gox addresses still hold 46,000 BTC, indicating that the redistribution process is well underway, but investors are concerned that selling these assets will put additional pressure on the Bitcoin price.
An address recently credited with $2 billion in bitcoinfrom the funds of the exchange bankruptcy Mt. Goxcarried out a test transaction this Tuesday.
This initiative could indicate that the distribution of funds to creditors is imminentaccording to analysts from Arkham Intelligencea firm specializing in blockchain analysis.
BitGo: The Latest Distribution Partner
Mt. Goxonce the world's largest bitcoin exchange, went bankrupt in 2014 after suffering a massive hack. Since then, the asset manager of Mt. Gox has been working to redistribute the funds, a process that began in July 2024. News of this redistribution has already affected the market, causing Bitcoin price drops below $54,000 after the announcement of the first transfers.
The analysts from Arkham think that this wallet probably belongs to BitGoa crypto custody platform. BitGo is one of five exchanges approved to distribute tokens to Mt. Gox creditors. According to Arkhamit is about the last partner still involved in distributionthe others having already completed their part of the process.
Technical details of the transaction
There test transaction follows a transfer of 33,100 BTCworth $2.2 billion at the time of the transfer, made two weeks ago from a cold wallet of Mt. Gox.
Arkham explained that he had identified the address in question as belonging to BitGo through a cluster analysis of transaction entries, typical of the custody structures and wallet types used by the platform.
Creditors' reactions and distribution progress
On Redditsome users of the channel dedicated to creditors of Mt. Gox claimed to have received funds into their BitGo accountsalthough these claims have not been independently verified. This situation suggests that the end of the long process of repaying creditors, which has lasted for almost ten years, is approaching.
According to the data from Arkhamthe addresses of Mt. Gox currently hold 46,000 BTCdown from 141,000 inmates as of July 1. This significant reduction indicates that the redistribution process is well underway, but there is still a significant amount of Bitcoin to distribute. Investors are watching these moves closely, fearing that the sale of these assets by creditors could put additional pressure on the price of bitcoin.
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