Mt. Gox Trustee’s Wallet Receives $2.19 Billion in Bitcoin
At 10:57 UTC on August 13, the wallet address “bc1q26..” received $2.19 billion in Bitcoin from Mt Gox on July 30 and launched test transactions. According to blockchain intelligence platform Arkham Intel, this wallet address is likely to be BitGo, the fifth exchange working with the Mt. Gox Trustee to distribute funds to Mt. Gox creditors. The wallet’s test transactions have led to speculation within the crypto community that the trustee may be preparing to send and liquidate 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 Implications of Bitcoin Trends
The suspected BitGo wallet currently holds 33,105 Bitcoins worth $1.96 billion. The value of the $2.19 billion deal from July 30 has decreased by approximately $23 million following a recent decline in BTC prices. Cryptocurrency market data from CryptoQuant indicates that 67.7% of the Mt. Gox release process has been completed, with over $3.2 billion in BTC distributed to creditors without a significant impact on asset prices.
Recovery Efforts for Mt. Gox Creditors
Mt. Gox creditors are owed more than $9.4 billion in Bitcoin, with funds tied up in the collapsed cryptocurrency exchange for over a decade. In a step towards repayment, Mt. Gox announced plans to distribute BTC and Bitcoin Cash debts to creditors through exchanges like Kraken, Bitstamp, and BitGo. The recent activity in the trustee’s wallet has brought attention to the ongoing efforts to recover and redistribute funds to Mt. Gox creditors.
