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

• Wallet that received $2 billion from Mt. Gox initiated a test transaction on Tuesday.
• Arkham analysts said the wallet likely belongs to crypto custody platform BitGo.
• Users on Reddit are making unverified claims about receiving BTC and BCH balances on BitGo.

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 exchanges 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.

JUST IN: MOVEMENTS FROM $1.95B MT GOX BTC WALLET

A Wallet that received $2.19B Bitcoin from Mt. Gox has just initiated test transactions.

This wallet bc1q26 is likely Bitgo, the 5th and final exchange working with Mt. Gox Trustee to distribute funds to Mt. Gox creditors.

Are… pic.twitter.com/w0j2aCg2Gc

— Arkham (@ArkhamIntel) August 13, 2024

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.

The trustee managing Mt. Gox assets started distributing tokens in early July, sending BTC prices plunging below $54,000 on the news. The exchanges approved by the trustee for creditor repayments include Bitbank, BitGo, Bistamp, Kraken and SBI VC Trade.

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