An address recently credited with $2 billion in Bitcoin, linked to Mt. Gox bankruptcy funds, has conducted a test transaction, suggesting that the distribution of funds to creditors could be imminent.
A recently credited address with $2 billion in Bitcoin from the bankruptcy funds of the exchange Mt. Gox has carried out a test transaction on Tuesday.
This move could indicate that the distribution of funds to creditors is imminent, according to analysts from Arkham Intelligence, a firm specializing in blockchain analysis.
BitGo: the last distribution partner
Mt. Gox, once the world’s largest Bitcoin exchange, went bankrupt in 2014 after suffering a massive hack. Since then, the Mt. Gox asset manager has been working to redistribute the funds, a process that began in July 2024. The news of this redistribution has already affected the market, causing the price of Bitcoin to drop below $54,000 after the initial transfers were announced.
Analysts from Arkham believe that this wallet likely belongs to BitGo, a cryptocurrency custodian platform. BitGo is one of the five approved exchanges for the distribution of tokens to Mt. Gox creditors. According to Arkham, they are the last partner still involved in the distribution, as the others have already completed their part of the process.
Technical details of the transaction
The test transaction follows a transfer of 33,100 BTC, valued at $2.2 billion at the time of transfer, made two weeks ago from a cold wallet belonging to Mt. Gox.
Arkham explained that they identified the address in question as belonging to BitGo through an analysis of transaction input clustering, typical of custody structures and wallet types used by the platform.
Creditors’ reactions and progress of distribution
On Reddit, some users of the dedicated Mt. Gox creditors’ channel claimed to have received funds in their BitGo accounts, although these claims have not been independently verified. This situation suggests that the end of the long process of repaying creditors, which has been ongoing for nearly ten years, is approaching.
According to Arkham’s data, Mt. Gox addresses currently hold 46,000 BTC, down from the 141,000 held on July 1st. This significant reduction indicates that the redistribution process is well underway, but there is still a significant amount of Bitcoin to distribute. Investors are closely monitoring these movements, fearing that the sale of these assets by creditors will exert additional pressure on the price of Bitcoin.
