A crypto wallet containing $2 billion worth of Mt. Gox Bitcoin initiates a trial transaction

1 min read August 14, 2024

A crypto wallet that received $2 billion of bitcoin from defunct exchange Mt. Gox’s trustee initiated a test transaction on Tuesday, possibly to prepare distributing funds to creditors.

Arkham Intelligence analysts believe the wallet likely belongs to the crypto custody platform BitGo, one of the five service providers that distribute tokens to creditors. BitGo is the last remaining distribution partner.

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… pic.twitter.com/w0j2aCg2Gc
— Arkham (@ArkhamIntel) August 13, 2024

The test transaction followed a 33,100 BTC transfer two weeks ago, worth $2.2 billion, from a Mt. Gox cold wallet holding creditors’ funds. Arkham explained the process of tagging the wallet as likely BitGo in a Telegram message.

Some users in a Reddit channel dedicated to Mt. Gox creditors reported that they received funds to their BitGo accounts, but CoinDesk hasn’t verified the claims.

BitGo didn’t return a request by CoinDesk to confirm the transaction as of press time. Mt. Gox was once the largest Bitcoin exchange before imploding in 2014 due to a hack.