Crypto Wallet Conducts Test Transaction Following $2 Billion Bitcoin Transfer from Mt. Gox

Test Transaction by Crypto Wallet Following $2 Billion Bitcoin Transfer

A crypto wallet that recently received a staggering $2 billion worth of bitcoin (BTC) from the trustee of the defunct exchange Mt. Gox initiated a test transaction on Tuesday. This action may indicate preparations for distributing funds to creditors, as noted by the blockchain analytics firm Arkham Intelligence.

According to analysts at Arkham, the wallet that conducted the transfer is likely affiliated with BitGo, a prominent crypto custody platform. BitGo is one of the five exchanges designated to distribute tokens to creditors, and it is now the last remaining partner in this distribution process.

The test transaction follows a significant transfer of 33,100 BTC, valued at approximately $2.2 billion at the time, which occurred two weeks prior. This transfer was made from a cold wallet associated with Mt. Gox that holds the funds owed to creditors.

In a message sent via Telegram to CoinDesk, Arkham explained their reasoning for identifying the wallet as likely belonging to BitGo: “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,” stated an Arkham analyst. “We’ve also been able to identify the other four exchange partners involved in the Mt. Gox distributions, allowing for a process of elimination.”

Simultaneously, some users in a Reddit channel dedicated to Mt. Gox creditors reported that they had begun receiving funds in their BitGo accounts. However, CoinDesk has not yet verified these claims. As of the time of writing, BitGo has not responded to CoinDesk’s request for confirmation regarding the transaction.

Mt. Gox, once the largest bitcoin exchange in the world, experienced a catastrophic collapse in 2014 due to a major hacking incident. The distribution of over 140,000 BTC, along with a similar amount of bitcoin cash (BCH), has been a significant concern for investors, many of whom are anxious about the potential for creditors to sell their assets in order to realize profits after a decade of waiting.

The trustee managing the assets of Mt. Gox began distributing tokens in early July, an event that contributed to a dramatic plunge in BTC prices, dropping below $54,000 following the announcement. The exchanges authorized by the trustee for creditor repayments include:

• Bitbank
• BitGo
• Bitstamp
• Kraken
• SBI VC Trade

As per Arkham’s data, Mt. Gox addresses now hold approximately 46,000 BTC, a significant decrease from the 141,000 BTC recorded on July 1.