Crypto Wallet Holding $2B Mt. Gox Bitcoin Sends Test Transaction as Distribution Continues: Arkham

A
crypto
wallet
that
recently
received
$2
billion
of
bitcoin

(BTC)
from
defunct
exchange
Mt.
Gox’s
trustee
initiated
a
test
transaction
on
Tuesday,
perhaps
to
prepare
distributing
funds
to
creditors,
blockchain
analytics
firm
Arkham
Intelligence
noted.

Arkham
analysts
said
the
wallet
that
initiated
the
transfer
likely
belongs
to
crypto
custody
platform
BitGo,
one
of
the
five
service
providers
that
distribute
tokens
to
creditors.
BitGo
is
the
last
remaining
distribution
partners,
they
added.

The
test
transaction
followed
a
33,100
BTC
transfer
two
weeks
ago,
worth
$2.2
billion
at
the
time,
from
a
Mt.
Gox
cold
wallet
holding
creditors’
funds.

Arkham
explained
the
process
of
tagging
the
wallet
as
likely
BitGo
in
a
Telegram
message
to
CoinDesk.
“The
address
was
clustered
with
a
large
input
cluster
which
we
were
able
to
identify
as
BitGo
due
to
custody
structure
and
wallet
types
used,”
an
Arkham
analyst
said.
“We’ve
also
been
able
to
identify
the
other
fur
exchange
partners
used
for
Mt.
Gox
distributions,
so
there’s
also
a
process
of
elimination.”

Meanwhile,
some
users
in
a
reddit
channel
dedicated
to
Mt.
Gox
creditors

reported

that
they
received
funds
to
their
BitGo
accounts.
CoinDesk
hasn’t
verified
the
claims.

BitGo
didn’t
return
a
request
by
CoinDesk
to
confirm
the
transaction
as
of
press
time.

Japan-based
Mt.
Gox
was
at
one
point
the
largest
bitcoin
exchange
before
imploding
in
2014
due
to
a
hack.
The
distribution
of
over
140,000
BTC
and
similar
amount
of
bitcoin
cash

(BCH)
has
been
a
major
source
of
concern
for
investors,
worried
about
creditors
selling
assets
to
realize
profits
after
ten
years
of
waiting.

Mt.
Gox
addresses
currently
hold
46,000
BTC,
down
from
141,000
on
July
1,
Arkham
data
shows.