Crypto: Mt. Gox Ready to Release an Additional $2 Billion in Bitcoin?

Mt. Gox customers’ patience has finally paid off. Since early July, this crypto exchange, which went bankrupt in 2014, has begun repaying its creditors. The process is conducted in stages, causing sharp movements in the market. Today, a new test transaction of $2 billion in bitcoin raises questions: are the funds ready to be released?

A $2 Billion Crypto Test Transfer by Mt. Gox

Things are accelerating after the announcement that Mt. Gox is finally repaying its creditors after ten years of waiting in early July. A crypto wallet that received no less than $2 billion in bitcoin from the Mt. Gox asset manager recently initiated a test transaction.

This move, spotted by analysts at Arkham Intelligence, suggests that the distribution of funds to creditors could be imminent.

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

According to these analysts, this wallet likely belongs to the custody platform BitGo, one of the five partners responsible for the distribution of tokens.

As a reminder, a previous transaction of 33,100 BTC, or $2.2 billion, took place two weeks ago.

Mt. Gox Creditors on High Alert

Mt. Gox creditors, who have been waiting for nearly ten years, are being vigilant. On Reddit, some users reported receiving funds in their BitGo accounts, although these claims have not yet been verified.

The crypto community fears that these massive repayments could trigger a large-scale bitcoin sell-off, leading to a price drop.

“This test transaction could well be a sign that the distribution is about to start soon,” analysts at Arkham said in a message on Telegram.

But the wait remains, as BitGo has not yet officially confirmed these movements.

Crypto transfers by Mt. Gox do not go unnoticed: in mid-July, bitcoin plunged to $63,000 following the movement of around $2.8 billion. As for the current price of BTC, it is trading at $59,555, showing a 1.3% decline over 24 hours.