Bitcoin Cash

JUST

Test

Bitcoin

Arkham

A recent test transaction from a crypto wallet linked to the closed Mt. Gox exchange has signaled progress in the distribution of funds to creditors.&nbsp; 
The linked wallet, which recently received $2 billion worth of Bitcoin (BTC) from the Mt. Gox trustee at 14:40 UTC today, is believed to be managed by BitGo according to blockchain analytics firm Arkham Intelligence. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 JUST IN: MOVEMENTS FROM $1.95B MT GOX BTC WALLET A Wallet that received $2.19B Bitcoin from Mt. Gox has just initiated test transactions. This wallet bc1q26 is likely Bitgo, the 5th and final exchange working with Mt. Gox Trustee to distribute funds to Mt. Gox creditors. Are… <a href="https://t.co/w0j2aCg2Gc" target="_blank">pic.twitter.com/w0j2aCg2Gc</a>— Arkham (@ArkhamIntel) <a href="https://twitter.com/ArkhamIntel/status/1823329015450525765?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">August 13, 2024</a>
 </blockquote> 
 </div>
</figure> 
BitGo is one of five crypto service providers chosen to help distribute the recovered Bitcoin to victims who lost their funds when Mt. Gox went bankrupt.&nbsp; 
The test transaction follows a major transfer two weeks ago when 5,511 BTC, valued at $3.15 billion at the time, was moved from a Mt. Gox cold wallet holding creditors’ funds. 
Arkham Intelligence identified the wallet as likely belonging to BitGo through an analysis of custody structures and wallet types. The firm has also identified other distribution partners involved in the process, which include Bitbank, Bitstamp, Kraken, and SBI VC Trade. 
Following the test transaction, some users on a <a href="https://www.reddit.com/r/mtgoxinsolvency/comments/1eqmnrw/bitgo_btcbch_credited_to_account/" target="_blank" data-type="link" data-id="https://www.reddit.com/r/mtgoxinsolvency/comments/1eqmnrw/bitgo_btcbch_credited_to_account/" rel="noreferrer noopener nofollow">Reddit channel</a> dedicated to Mt. Gox creditors claimed they had received funds in their BitGo accounts. However, these reports have not yet been verified. 
Mt. Gox, once the largest Bitcoin exchange, collapsed in 2014 following a major hack. Since then, the distribution of over 140,000 BTC and a similar amount of Bitcoin Cash (BCH) has been a significant concern for creditors, who have been waiting nearly a decade for resolution. The trustee began distributing the assets in early July, leading to a temporary dip in <a href="https://www.cryptotimes.io/2024/07/05/bitcoin-drops-to-53717-amid-mt-gox-cold-wallet-transfer/" target="_blank" rel="noreferrer noopener">Bitcoin prices below $54,000</a> on July 5.

Mt. Gox Begins $2B Bitcoin Payouts with Test Transaction: Arkham

The Crypto Times

Other articles published on Aug 13, 2024

Cardano News: What Will Happen to ADA Price?

Solana Faces Potential Drop Despite Positive Ecosystem Developments

How Friend.tech (FRIEND) stalled the SocialFi trend in Q2

Bitcoin's Price Action Suggests Potential for Range Trading

Arthur Hayes Predicts Epic Altcoin Season, But Only After This

The Fusion API in the 1inch dApp

Join our free newsletter for daily crypto updates!