Bitcoin

BitGo Wallet Credited $2.9B BTC by Mt. Gox Tests Transaction

4 months ago
Bitcoin Ethereum News

On August 13, 10:57 UTC, a wallet with the address  ‘bc1q26..’ that received $2.19 billion in Bitcoin from Mt Gox on July 30 initiated test transactions. The Blockchain Intelligence platform Arkham Intel pointed out that this wallet address is likely BitGo, the fifth and final exchange working with Mt. Gox Trustee to distribute funds to Mt. Gox creditors.

The wallet has initiated test transactions, which has led to a commotion among the crypto community. Some suggest that the Trustee might be about to send and settle creditors’ money.

The suspected BitGo wallet currently holds 33,105 Bitcoin worth $1.96 billion.

Impact of BTC Movements

The news of this inactive address, which has been rather dormant for the last two weeks, can trigger some clarity from either of the parties. On July 30, the transaction was worth $2.19 billion, but after BTC slumped last week, its worth has gone down by around $23 million.

According to CryptoQuant data, as of 19 hours ago, 67.7% of the Mt. Gox distribution process had been completed. Even throughout the process of distributing creditors their sum totaling over $3.2 billion in BTC, the market did not respond to it with a relative slump in the price of the assets.

For the uninitiated, more than $9.4 billion worth of Bitcoin is owed to Mt. Gox creditors who have been waiting for over 10 years to recover their funds from the crashed crypto exchange. On July 5, Mt. Gox stated that it would begin repaying its debts to creditors in BTC and Bitcoin Cash through crypto exchanges, including Kraken, Bitstamp, and Bitgo.

Read more: Bitstamp Initiates Bitcoin Repayments to Mt. Gox Creditor

Source: https://www.cryptonewsz.com/bitgo-wallet-btc-mt-gox-test-transaction/