Mt. Gox Transfers $2 Billion Worth of Bitcoin in Test Transaction Ahead of Completing Repayments to Creditors

Arkham Intelligence data shows that wallet bc1q26 received $2.19 billion in Bitcoin from Mt, Gox. The wallet is believed to belong to the crypto custody platform Bitgo

Mt. Gox has shifted $2.19 billion of Bitcoin in a test transaction ahead of completing his distribution repayments to creditors.

Arkham Intelligence data shows that wallet bc1q26 received the Bitcoin from Mt, Gox. The wallet is believed to belong to the crypto custody platform Bitgo, which is the last of the five service providers tasked with distributing tokens to creditors.

The test transaction comes after Mt. Gox shifted $1.95 billion of Bitcoin to four wallets on Monday. Those wallets belonged to Binance, Coinbase, Kraken and Bitstamp.

“The address was clustered with a large input cluster which we were able to identify as BitGo due to custody structure and wallet types used,” an Arkham analyst told Coindesk. “We’ve also been able to identify the other fur exchange partners used for Mt. Gox distributions, so there’s also a process of elimination.”

Redditors took to the platform to report that they had received funds in their Bitcoin accounts.

“Got both deposited in Bitgo today. Now trying to withdraw a small amount to see how the process works, but requires Video Verification! More to come,” one user said.

Mt.Gox, which got its name from "Magic: The Gathering Online EXchange" as it began as a trading platform for the collectible card game, was responsible for over 70% of Bitcoin transactions in 2014. Creditors began receiving repayments in July through Kraken and Bitstamp.

A few days later, Mt. Gox shifted another $2.19 billion of Bitcoin to address bc1q26. Mt. Gox addresses currently hold 46,000 BTC, down from 141,000 BTC.

BRN analyst, Valentin Fournier, believes that Mt. Gox repayments could put selling pressure on Bitcoin.

“Bitcoin's selling pressure might rise again over the coming weeks and negative movements could be amplified and should therefore be anticipated,” Fournier said in response to Mt. Gox shifting its latest $2.19 billion of Bitcoin.

A thread ?on current Bitcoin price movements (1/7)

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