$2B in Bitcoin Transferred From Mt Gox as a Test Transaction

Mt. Gox has transferred $2 billion worth of Bitcoin as a test transaction ahead of completing his distribution repayments to creditors.

Arkham Intelligence data shows that wallet bc1q26 received $2.19 billion in Bitcoin from Mt, Gox. The wallet is believed to belong to the crypto custody platform Bitgo, which is the last of the five service providers tasked with distributing tokens to creditors.

"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 to Coindesk. "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."

Redditors declared on the platform that they received funds in their Bitcoin accounts.

"Got both deposited in Bitgo today. Now trying to withdraw a small amount to see how the process works, but requires Video Verification! More to come," said one user.

Mt.Gox, which derived its name from "Magic: The Gathering Online EXchange" as it began as a trading platform for the collectible card game, was responsible for over 70% of Bitcoin transactions back in 2014. Creditors began receiving repayments back in July through Kraken and Bitstamp.

Mt. Gox, BlockFi Begin Repayments to Customers - Here’s How it Works

Mt Gox and BlockFi creditors are finally getting repaid with the help of Kraken, Bitstamp, and Coinbase

BlockheadBlockhead

A few days later, Mt. Gox shifted another $$2.19 billion of Bitcoin to address bc1q26. Mt. Gox addresses currently hold 46,000 BTC, down from 141,000 BTC.

Mt. Gox Shifts Another $2B to New Address

Mt. Gox sent 33,105 BTC to an unknown address starting with “bc1q26”

BlockheadBlockhead

BRN analyst, Valentin Fournier, believes that Mt. Gox repayments might induce selling pressure on Bitcoin.

"Bitcoin's selling pressure might rise again over the coming weeks and negative movements could be amplified and should therefore be anticipated," Fournier said in response to Mt. Gox shifting its latest $2.19 billion of Bitcoin.