- The Mt. Gox repayment plan, initiated earlier this year, might finally be drawing to a close after more than ten years.
- A wallet associated with Mt. Gox sent over US $2b worth of Bitcoin to an anonymous wallet, which data analysts Arkahm Intel believe belongs to exchange BitGo.
- BitGo is one of five exchanges tasked with distributing BTC to victims of the 2014 breach.
The Mt. Gox saga may be nearing its conclusion, over a decade since the major Japanese exchange was hacked. The past month has seen victims finally receive compensation for lost funds, worth over US $45b (AU $67b) at today’s BTC prices.
A feature of the payout has been exchange wallets – such as Kraken and BitGo – receiving large lump sums of BTC and Bitcoin Cash. Another massive transaction that caught the eye of data analysts in the industry was confirmed earlier this week, with an anonymous wallet receiving over US $2b (AU $3b) believed to be linked to the Mt. Gox bankruptcy process.
Related: Bitcoin Analyst Ben Cowen Says BTC Dominance in Final Stretch, Is Altseason Near?
Test Transactions Continue As Final Creditors Look to Receive Payouts
According to data analysts Arkham Intelligence, a Bitcoin wallet starting with bc1q26 received US $2.19b (AU $3.3b) from another wallet linked to the defunct crypto exchange, Mt. Gox.
The same anonymous wallet – which Arkham Intel says may belong to crypto trading platform BitGo – moved approximately US $1.96b (AU $2.95b) of the funds to a third wallet, which began conducting test transactions.
The prevailing theory is that the substantial sum of BTC is set for distribution to Mt. Gox creditors, with BitGo a fifth company in charge of repaying hack victims.
The other four exchanges involved – Kraken, Bitbank, Bitstamp and SBI VC Trade have all seen similar transactions hit their wallets over the past month or two.
The whale movement might be the last of Mt. Gox’s repayment plans, although it may take some time for the exchanges to send out the funds to creditors.
Supply Shock Fears Overstated as BTC Recovers From Crash
The crypto market was wary of how Mt. Gox’s bankruptcy and compensation process would impact Bitcoin’s liquidity. As the company geared up to distribute billions worth of Bitcoin back to investors in July, the price of Bitcoin and other major assets sunk. Many believed that the flood of new supply would cause an imbalance in demand, resulting in downward pressure on BTC’s price.
However, despite the short-term panic, the fears appeared to be overstated as Bitcoin quickly rebounded. Some in the industry pointed out that the new supply on the market was merely a blip compared to BTC’s regular trading volume – and if it wasn’t for the recent flash crash, BTC would have navigated the Mt. Gox repayments quite smoothly.
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