Wallet That Received $2 Billion in Bitcoin from Mt. Gox Conducts Test Transactions

A cryptocurrency wallet associated with the now-defunct Mt. Gox cryptocurrency exchange that recently received $2 billion in Bitcoin (BTC) made a test transaction on Tuesday. The move is likely in preparation for distributing funds to creditors. Blockchain analytics firm Arkham Intelligence reported the movement on its X account on Tuesday afternoon (13).

According to Arkham analysts, the wallet responsible for the transaction likely belongs to cryptocurrency custody platform BitGo. BitGo is one of five companies tasked with distributing the tokens to Mt. Gox creditors.

According to data from Arkham, BitGo is the only asset distribution partner that has not yet completed its operations.

Bitcoin Movement from Mt. Gox

The test transaction follows a significant transfer of 33,100 BTC, valued at $2.2 billion at the time, that took place about two weeks ago. Those funds came from a Mt. Gox cold wallet that held assets earmarked for creditors.

Arkham explained in a Telegram message how it was able to identify the wallet as belonging to BitGo. The company mentioned that it identified the address as belonging to BitGo due to its custodial structure and the types of wallets used. Furthermore, Arkham confirmed that it had already identified the other partners involved in the distribution of Mt. Gox assets. This made it easier to eliminate and identify BitGo.

Meanwhile, on a Reddit channel dedicated to Mt. Gox creditors, some users reported receiving funds into their BitGo accounts. However, these claims have yet to be verified or officially reported.

It is worth remembering that Mt. Gox was once the largest Bitcoin exchange in the world. However, the company collapsed in 2014 after a massive hack. Since then, the distribution of more than 140,000 BTC, in addition to a similar amount of Bitcoin Cash (BCH), has been a topic of great apprehension among investors. This is because the market fears that creditors could sell these assets en masse, pushing Bitcoin prices down.

The Mt. Gox asset manager began distributing tokens in July this year, which coincided with a drop in the price of BTC, which fell below $54,000. Exchanges approved for the refunds include Bitbank, BitGo, Bitstamp, Kraken and SBI VC Trade.

Currently, Mt. Gox wallets still hold 46,000 BTC, down considerably from the 141,000 BTC recorded at the beginning of July, Arkham data shows.

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