A wallet linked to Mt. Gox, holding $2.19 billion in Bitcoin, initiated a test transaction. It’s suspected to belong to Bitgo, the final exchange distributing funds to Mt. Gox creditors.
At 10:57 UTC, a test transaction was initiated by a wallet that received $2.19 billion in Bitcoin from the defunct exchange Mt. Gox.
The wallet (bc1q26) is suspected to be Bitgo, the fifth and final exchange designated to distribute funds to Mt. Gox creditors, as per a post on Arkham Intelligence X.
After the recent market sentiment shift, the wallet currently contains 33,105 Bitcoin, which is valued at $1.96 billion.
Test Transfer Initiated
The wallet that is currently active has been inactive for two weeks since it received 33,105 BTC on July 30 at 11:28 pm UTC.
Approximately $23 million has been lost in value of the BTC received, which was previously valued at $2.19 billion at the time of the transfer. The price of BTC was approximately $58,900 on August 13.
The wallet has not experienced any additional activity since the test transaction.
As of 19 hours ago, CryptoQuant data indicated that 67.7% of the Mt. Gox distribution process had been finalized.
Diamond Palms of Creditors were Reimbursed.
Despite the fact that they had to wait for more than a decade to receive their locked-up funds from the defunct exchange, the sell-off of approximately 127,000 Mt. Gox creditors who were scheduled to receive their funds did not occur.
Despite the fact that creditors received over $3.2 billion in BTC during the distribution process, the market did not experience a corresponding decline in the value of the assets.
The distribution is “the final chapter in a major market overhang over the industry since 2013,” according to a Glassnode report released in late July.
Rehabilitation plan for repayment
Mt. Gox declared on July 5 that it would commence the repayment of its debts to creditors in Bitcoin Cash and BTC in accordance with its rehabilitation plan.
The announcement indicated that repayments would be transmitted to rehabilitation creditors through designated crypto exchanges. The exchanges in question are Kraken, Bitstamp, and Bitgo.
Reports on Reddit posts at the time confirmed the commencement of repayments, citing the “rehabilitation trustee” transferring “BTC/BCH” to the original poster.
Mt. Gox creditors have been anticipating the recovery of their funds from the collapsed crypto exchange for more than a decade, and they are currently owed more than $9.4 billion in Bitcoin.
