- A crypto wallet linked to Mt. Gox has initiated a Bitcoin test transaction worth a staggering $2 billion.
- This suggests an imminent distribution of funds to creditors, potentially triggering a massive Bitcoin sell-off and a price drop.
The patience of Mt. Gox creditors, who have been waiting for their funds since the crypto exchange’s bankruptcy in 2014, seems to be finally paying off. In early July, Mt. Gox began the gradual process of repaying its creditors, which has already led to significant market movements.
Now, a recent discovery has sent ripples through the crypto community. A crypto wallet associated with the asset manager Mt. Gox Bitcoin, holding a substantial sum of $2 billion, has initiated a test transaction. This move, detected by analysts at Arkham Intelligence, strongly suggests that the distribution of funds to creditors could be imminent.
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
Another Wave of Bitcoin Withdrawals from Mt. Gox?
According to these analysts, the wallet in question likely belongs to the custodial platform BitGo, one of the five partners responsible for distributing the tokens. This isn’t the first such transaction; two weeks ago, a previous transfer of 33,100 BTC, equivalent to $2.2 billion, took place.
Mt. Gox Creditors on High Alert
Mt. Gox creditors, who have been waiting for nearly a decade for their dues, are understandably on edge. On Reddit, some users have reported receiving funds in their BitGo accounts, though these claims remain unverified.
The crypto community is apprehensive that these massive repayments could trigger a massive Bitcoin sell-off, leading to a price collapse.