BitGo Moves $1.97B Worth of Bitcoin From Mt. Gox Bankruptcy Estate Wallet

A wallet that received over $2 billion worth of bitcoin from Mt. Gox moved a minuscule amount on Tuesday before clearing the entirety of its holdings.

A bitcoin wallet that received over $2 billion from the failed cryptocurrency exchange Mt. Gox two weeks ago cleared the entirety of its holdings on Tuesday.

The wallet, with the address bc1q26tsxc0ge7phvcr2kyczexqf5pcj8rk79cqk90h34c30dn9dskeq3gmw3f, made two transactions in total, according to blockchain analytics company Arkham Intelligence. The first transaction, which occurred at around 01:30 UTC, moved 0.0033 bitcoin, valued at a little over $5 at the time of the transfer, to a different bitcoin address.

The second transaction, which took place at around 05:00 UTC, moved 33,104.006 bitcoin, then valued at $1.97 billion, to a different bitcoin address, essentially emptying the wallet of its holdings. The total amount transferred from the wallet, including the test transaction, came out to 33,104.0093 bitcoin ($1.97 billion).

The wallet, which received 33,105 bitcoins from Mt. Gox on March 28, had its holdings valued at over $2 billion at the time. However, due to a decline in the price of bitcoin over the past two weeks, the value of the 33,105 bitcoins it held dropped to $1.95 billion at the time of the transfers.

According to Arkham, the wallet belongs to BitGo, the final platform tasked by the Mt. Gox bankruptcy estate with refunding creditors. Others, like Kraken, Bitstamp, Bitbank, and SBI VC Trade, already completed the repayment process.

In its post on X, Arkham reported on the test transaction, writing, “JUST IN: MOVEMENTS FROM $1.95B MT GOX BTC WALLET.” It added, “A Wallet that received $2.19B Bitcoin from Mt. Gox has just initiated test transactions.”

Arkham deduced that the wallet with the address ‘bc1q26tsxc0ge7phvcr2kyczexqf5pcj8rk79cqk90h34c30dn9dskeq3gmw3f’ belonged to BitGo since every other platform had completed the repayment process.

A Few Hours Later, the Wallet Emptied Its Holdings

After the test transaction, which sent a little over $5 as depicted on Arkham’s platform, the wallet moved the remainder of its holdings, valued at $1.97 billion during the transaction, to a wallet with the address ‘bc1qpn5n539pztvk9lg55fnrt3nq0dn5s88xd9x2p3aqxz03gmnkza9sny7k53.’ This is likely another BitGo wallet, and the firm is taking precautions to secure the funds before disbursing them to creditors.

As these transfers occurred, a Reddit user took to the r/mtgoxinsolvency subreddit to claim that they had received what was owed to them through BitGo. They mentioned receiving both Bitcoin and Bitcoin Cash. “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.” They further updated the subreddit, relaying through a comment that they successfully withdrew a small amount to a whitelisted wallet address.

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