A crypto wallet recently receiving $2 billion in Bitcoin (BTC) from the Mt. Gox trustee conducted a test transaction on Tuesday, potentially signaling preparations for creditor payouts, according to blockchain analytics firm Arkham Intelligence.
Arkham analysts identified the wallet initiating the transfer as likely belonging to BitGo, a prominent crypto custody platform and one of the five service providers responsible for distributing funds to creditors. BitGo is the only remaining distribution partner, the firm noted.
This test transaction followed a substantial transfer of 33,100 BTC—valued at $2.2 billion at the time—from a Mt. Gox cold wallet that holds creditors’ assets.
In a Telegram message to CoinDesk, Arkham explained their process for identifying the wallet as BitGo. “The address was clustered with a large input cluster that we could pinpoint as BitGo due to its custody structure and wallet types,” an Arkham analyst stated. “We have also identified the other exchange partners involved in Mt. Gox distributions, allowing us to use a process of elimination.”
In related news, some Mt. Gox creditors have reported receiving funds in their BitGo accounts via a Reddit channel, though these claims have not been independently verified by CoinDesk.
As of press time, BitGo had not responded to CoinDesk’s request for confirmation of the transaction.
Mt. Gox, once the largest Bitcoin exchange before its collapse in 2014 due to a major hack, has been in the process of distributing over 140,000 BTC and an equivalent amount of Bitcoin Cash (BCH). This distribution has caused significant concern among investors, who fear that creditors might sell their assets to realize profits after a decade-long wait.
The trustee managing Mt. Gox’s assets began token distributions in early July, which contributed to a drop in BTC prices below $54,000. The approved exchanges for creditor repayments include Bitbank, BitGo, Bistamp, Kraken, and SBI VC Trade.
Arkham data shows that Mt. Gox addresses currently hold 46,000 BTC, a decrease from 141,000 BTC on July 1.
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