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 test transaction, signaling potential preparation for creditor payouts. Blockchain analytics firm Arkham Intelligence made this observation.

According to Arkham analysts, the wallet involved in the transaction is likely linked to BitGo, a prominent crypto custody platform. BitGo is identified as one of the five service providers responsible for distributing tokens to Mt. Gox creditors, and it remains the last active distribution partner.

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

Arkham explained that their identification of the wallet as likely belonging to BitGo was based on the clustering of the wallet with a larger input cluster associated with BitGo’s custody structure and wallet types. Additionally, Arkham confirmed that they had already identified the other four service providers involved in the distribution process, further reinforcing their analysis through a process of elimination.

Track wallet bc1q26 on Arkham:https://t.co/BXkhxUCprD

— Arkham (@ArkhamIntel) August 13, 2024

Mt. Gox, once the world’s largest Bitcoin exchange, collapsed in 2014 following a massive hack. The distribution of over 140,000 BTC, along with a similar amount of Bitcoin Cash (BCH), has been a significant concern for investors. Many worry that creditors who have waited a decade may opt to sell their assets, 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 dip below $54,000 when the news broke. The exchanges approved for handling creditor repayments include Bitbank, BitGo, Bitstamp, Kraken, and SBI VC Trade.

The CoinDesk article also mentioned that recent data from Arkham shows that Mt. Gox-related addresses currently hold 46,000 BTC, a substantial decrease from the 141,000 BTC held on 1 July.

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