A wallet that received $2.19 billion in Bitcoin from the defunct exchange Mt. Gox has begun test trading at 17:57 (UTC).
According to a post by Arkham Intelligence, the wallet (bc1q26) is believed to be Bitgo, the fifth and final exchange set to distribute funds to Mt. Gox creditors.
The wallet now holds 33,105 Bitcoin worth $1.96 billion following recent market sentiment changes.
Test transaction
The wallet has been inactive for two weeks after receiving 33,105 BTC on July 31 at 06:28 (UTC).
Source: Arkham Intelligence
At the time of transfer, the BTC received was worth $2.19 billion but is now worth only about $23 million, as the BTC price was around $58,900 on August 13.
Since the test transaction, no other activity has occurred on the wallet.
According to CryptoQuant data, as of 19 hours ago, 67.7% of the Mt. Gox distribution process has been completed.
Mt. Gox Distribution Completed | Source: CryptoQuant
Creditors continue to hold
Despite waiting more than a decade to recover funds locked up on the defunct exchange, the roughly 127,000 Mt. Gox creditors set to receive their funds have not triggered a sell-off.
Although more than $3.2 billion in BTC was distributed to creditors during the distribution, the prices of the assets involved did not fall significantly.
The distribution marks “the final chapter of a major market that has dominated the industry since 2013,” Glassnode reported in late July.
Debt Rehabilitation Plan
On July 5, Mt. Gox announced it would begin paying creditors in BTC and Bitcoin Cash as part of its recovery plan.
The notice states that the refunds will be sent to creditors through designated exchanges. These exchanges include Kraken, Bitstamp and Bitgo.
Reports on Reddit confirmed the refunds began at that time, citing the “recovery trustee” making the transfer of “BTC/BCH” to the poster.
More than $9.4 billion in Bitcoin belongs to Mt. Gox creditors, who have been waiting more than 10 years to get their money back after the exchange collapsed.
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