Cryptocurrency Wallet Receives $2.19 Billion in Bitcoin from Mt. Gox
At 10:57 UTC on August 13, the wallet address “bc1q26..” received $2.19 billion in Bitcoin from Mt Gox on July 30 and initiated test transactions. It is speculated that this wallet address belongs to BitGo, the fifth entity collaborating with the Mt. Gox Trustee to distribute funds to Mt. Gox creditors. The recent test transactions have caused a stir in the crypto community, with concerns arising about the potential liquidation of creditor funds.
Just launched: MT GOX BTC wallet starts at $1.95B
The wallet that received $2.19B in Bitcoin from Mt. Gox has just launched test transactions.
This wallet bc1q26 is likely Bitgo, the fifth and final exchange to work with the Mt. Gox Trustee to distribute funds to Mt. Gox creditors.
yes… pic.com/w0j2aCg2Gc
— Arkham (@ArkhamIntel) August 13, 2024
The Impact of Bitcoin Trends
News of the sizable transaction has been relatively quiet for the past couple of weeks, prompting speculation and anticipation for further developments. The value of the deal, initially at $2.19 billion, has decreased by approximately $23 million following a recent decline in BTC prices. Despite this, data from CryptoQuant indicates that 67.7% of the Mt. Gox release process has already been completed, showing resilience in asset prices throughout the creditor distributions totaling over $3.2 billion in BTC.
Ongoing Repayment to Mt. Gox Creditors
Over $9.4 billion worth of Bitcoin is owed to Mt. Gox creditors, who have been patiently awaiting the recovery of their funds for more than a decade since the exchange’s collapse. With plans in place to repay BTC and Bitcoin Cash debts, exchanges like Kraken, Bitstamp, and Bitgo are facilitating the process. The recent developments signal progress in returning assets to the affected parties.
Read more: Bitstamp begins paying back Bitcoin to Mt. Gox creditors