$2B Mt. Gox Bitcoin Wallet Conducts Test Transaction Amid Ongoing Distribution: Arkham
A cryptocurrency wallet that recently received $2 billion in bitcoin (BTC) from the now-defunct Mt. Gox exchange trustee conducted a test transaction on Tuesday. This move, as noted by blockchain analytics firm Arkham Intelligence, may indicate preparations for the distribution of funds to creditors.
According to analysts at Arkham, the wallet associated with the test transaction is likely owned by BitGo, a crypto custody platform and one of the five exchanges responsible for disbursing tokens to Mt. Gox creditors. BitGo is identified as the final remaining partner for fund distributions.
The recent test transaction followed a substantial transfer of 33,100 BTC, valued at $2.2 billion at the time, from a Mt. Gox cold wallet that held funds for creditors.
In a Telegram message to CoinDesk, Arkham elaborated on the process of identifying the wallet linked to BitGo. An Arkham analyst explained, “The address was clustered with a large input cluster which we were able to identify as BitGo due to custody structure and wallet types used. We’ve also been able to identify the other four exchange partners used for Mt. Gox distributions, so there’s also a process of elimination.”
Meanwhile, reports from users in a Reddit channel dedicated to Mt. Gox creditors suggest that some individuals have received funds in their BitGo accounts. However, these claims have not been independently verified by CoinDesk.
BitGo has not responded to CoinDesk’s request to confirm the transaction at the time of reporting.
Mt. Gox, once the largest bitcoin exchange, collapsed in 2014 following a hack. The distribution of over 140,000 BTC and an equivalent amount of bitcoin cash (BCH) has been a significant concern for investors, who fear that creditors may sell off assets to realize profits after a decade-long wait.
The trustee overseeing Mt. Gox assets began distributing tokens in early July, leading to a drop in BTC prices below $54,000. Exchanges approved by the trustee for creditor repayments include Bitbank, BitGo, Bitstamp, Kraken, and SBI VC Trade.
Data from Arkham indicates that Mt. Gox addresses currently hold 46,000 BTC, a decrease from 141,000 BTC on July 1.
