On August 13, a crypto wallet that recently received $2 billion worth of Bitcoin (BTC) from the Mt Gox exchange’s trustee performed test transactions. This indicates they might be preparing to pay creditors.
Analysts think the wallet is probably linked to BitGo, a major crypto custody service. BitGo is one of five companies tasked with distributing tokens to Mt Gox creditors and is currently the only one still active in this role.
See Also: Mt Gox Nears $9B Bitcoin Payout
Test Transfers By MT Gox Trustee
These test transactions took place a few weeks after 33,100 BTC, valued at about $2.2 billion at that time, was moved from a cold wallet holding the Mt Gox creditor funds.
Analysts determined the wallet likely belongs to BitGo based on its connection with BitGo’s wallet types and setup. They have also identified the other four companies involved in the distribution process.
Mt Gox, once the largest Bitcoin exchange, went bankrupt in 2014 following a major hack. Distributing over 140,000 BTC and a similar amount of Bitcoin Cash (BCH) has been a major issue for people waiting for their funds. Many are concerned that creditors who have waited a long time might sell their assets, which could affect market prices.
A CoinDesk report said the Mt. Gox trustee began distributing assets in early July, which led to a drop in BTC prices below $54,000. The exchanges handling these payments include Bitbank, BitGo, Bitstamp, Kraken, and SBI VC Trade.
CoinDesk also mentioned that, according to Arkham, Mt. Gox-related addresses now hold 46,000 BTC, down from 141,000 BTC on July 1.
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