Mt. Gox Trustee's Crypto Wallet Conducts Test Transactions, Signaling Potential Creditor Payouts

On August 13, a crypto wallet, recently infused with $2 billion worth of Bitcoin (BTC) from the defunct Mt. Gox exchange's trustee, reportedly conducted

A crypto wallet, recently credited with $2 billion in Bitcoin (BTC) from the trustee of the defunct Mt. Gox exchange, conducted test transactions on August 13, hinting at an impending move toward creditor payouts, a development closely tracked by blockchain analytics firm Arkham Intelligence.

The wallet in question is likely linked to BitGo, a prominent crypto custody platform, according to Arkham analysts. BitGo is notably one of the five service providers tasked with distributing tokens to Mt. Gox creditors, and it remains the last active distribution partner.

These test transactions come just weeks after a transfer of 33,100 BTC, valued at roughly $2.2 billion at the time, from a cold wallet associated with Mt. Gox that holds creditor funds.

According to Arkham, their identification of the wallet as likely belonging to BitGo is based on its clustering with a larger input cluster that is associated with BitGo's custody structure and wallet types. Moreover, they had previously identified the other four service providers involved in the distribution process, leading them to conclude that the remaining wallet is likely BitGo's through a process of elimination.

Track wallet bc1q26 on Arkham:

https://t.co/BXkhxUCprD

Mt. Gox, once the world's largest Bitcoin exchange, collapsed in 2014 after a massive hack. The distribution of over 140,000 BTC, along with a similar amount of Bitcoin Cash (BCH), has been a highly anticipated event for investors. Many have expressed concerns that creditors, who have waited a decade for these funds, may choose to sell their assets quickly, potentially impacting market prices.

According to a report by CoinDesk, the trustee overseeing Mt. Gox's assets began the distribution process in early July, causing BTC prices to briefly dip below $54,000 when the news broke. The exchanges that were approved to handle creditor repayments include Bitbank, BitGo, Bitstamp, Kraken, and SBI VC Trade.

CoinDesk also reported that recent data from Arkham shows that Mt. Gox-related addresses now hold 46,000 BTC, down significantly from the 141,000 BTC that were present on July 1.

This story continues to develop.

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