The Mt. Gox Bitcoin Wallet Receives $2.19 Billion
At 10:57 UTC on August 13, the wallet address “bc1q26..” received $2.19 billion in Bitcoin from Mt Gox on July 30 and initiated test transactions. According to blockchain intelligence platform Arkham Intel, this wallet address is likely associated with BitGo, the fifth exchange working with the Mt. Gox Trustee to distribute funds to Mt. Gox creditors. The recent test transactions have caused a stir in the crypto community, with speculations about the trustee’s intentions regarding the creditor funds.
Just launched: MT GOX BTC wallet starts at $1.95B
The wallet that received $2.19B in Bitcoin from Mt. Gox has just launched test transactions.
This wallet bc1q26 is likely Bitgo, the fifth and final exchange to work with the Mt. Gox Trustee to distribute funds to Mt. Gox creditors.
yes… pic.twitter.com/w0j2aCg2Gc
— Arkham (@ArkhamIntel) August 13, 2024
The Impact of Bitcoin Trends
The suspected BitGo wallet currently holds 33,105 Bitcoins, totaling $1.96 billion. Recent news about the inactive address has prompted discussions within the community. The initial $2.19 billion valuation has seen a decrease of approximately $23 million following a recent drop in BTC prices.
According to CryptoQuant data, 67.7% of Mt. Gox release process has already been completed. Despite distributing over $3.2 billion in BTC to creditors, the market has not experienced a significant impact on asset prices.
Repayment to Mt. Gox Creditors
Over $9.4 billion worth of Bitcoin is owed to Mt. Gox creditors, who have been patiently waiting for more than a decade to recover their funds from the collapsed exchange. On July 5, Mt. Gox announced plans to repay BTC and Bitcoin Cash debts through exchanges like Kraken, Bitstamp, and Bitgo.
For more information, you can read about Bitstamp’s efforts to start repaying Bitcoin to Mt. Gox creditors.
