Mt. Gox Saga Nears Conclusion as Victims Receive Compensation, US$2b BTC Wallet Linked to Bankruptcy Process Emerges

The Mt. Gox saga may be nearing its conclusion, over a decade since the major Japanese exchange was hacked.

Over a decade after the major Japanese exchange was hacked, the Mt. Gox saga might be nearing its conclusion. Victims have finally started receiving compensation for lost funds, which is valued at over US $45b (AU $67b) at today’s BTC prices, in the past month.

One notable aspect of the payout is that exchange wallets – like Kraken and BitGo – have been receiving large lump sums of BTC and Bitcoin Cash. Another massive transaction – believed to be linked to the Mt. Gox bankruptcy process – was confirmed earlier this week by data analysts in the industry, with an anonymous wallet receiving over US $2b (AU $3b).

Ben Cowen, a Bitcoin analyst, says BTC dominance is in its final stretch, and altseason might be near.

Test Transactions Continue As Final Creditors Await Payouts

According to data analysts Arkham Intelligence, a Bitcoin wallet starting with bc1q26 received US $2.19b (AU $3.3b) from another wallet linked to the defunct crypto exchange, Mt. Gox.

The same anonymous wallet – which Arkham Intel suggests might belong to crypto trading platform BitGo – moved approximately US $1.96b (AU $2.95b) of the funds to a third wallet, which then began conducting test transactions.

JUST IN: MOVEMENTS FROM $1.95B MT GOX BTC WALLETA 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

The prevailing theory is that the substantial sum of BTC is set for distribution to Mt. Gox creditors, with BitGo being the fifth company tasked with repaying victims of the hack.

Similar transactions have been observed hitting the wallets of the other four exchanges involved – Kraken, Bitbank, Bitstamp and SBI VC Trade – over the past month or two.

The whale movement is likely part of Mt. Gox’s final repayment plans, though it may take some time for the exchanges to distribute the funds to creditors.

Supply Shock Fears Exaggerated as BTC Recovers From Crash

The crypto market has been keeping an eye on how Mt. Gox’s bankruptcy and compensation process will affect Bitcoin’s liquidity. As the company prepared to return billions of dollars worth of Bitcoin to investors in July, the price of Bitcoin and other major assets fell sharply. Many speculated that the influx of new supply would disrupt demand, putting downward pressure on BTC’s price.

However, despite the initial panic, the fears appeared to be exaggerated as Bitcoin quickly recovered. Some industry人士 pointed out that the new supply in the market was minimal compared to BTC’s regular trading volume – and if not for the recent flash crash, BTC would have navigated the Mt. Gox repayments smoothly.

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