A crypto wallet holding US$2 billion in Bitcoin from the defunct Mt. Gox exchange conducted a test transaction on August 13, 2024, which is related to the ongoing distribution process to creditors. Blockchain analytics firm Arkham Intelligence suggests that the wallet likely belongs to BitGo, one of the five service providers responsible for distributing the recovered funds. This test transaction came two weeks after a large transfer of 33,100 BTC, worth US$2.2 billion, from some Mt. Gox cold wallet.
Investors are on high alert as over 140,000 BTC and an equivalent volume of Bitcoin cash are about to be distributed, with creditors now in a position to cash in after a decade of waiting by selling their assets. Prices of Bitcoin have slid below US$54,000 with the event of token distribution by the trustee overseeing Mt. Gox’s assets, which started in early July. The approved exchanges for the repayment of creditors are Bitbank, BitGo, Bitstamp, Kraken, and SBI VC Trade. Mt. Gox addresses now hold 46,000 BTC compared to 141,000 on July 1.
