Mt. Gox-Linked Wallet Holding Over $2 Billion Committed Test Transfer, Moved Holdings to a New Address

• A wallet related to BitGo conducted a test transfer on Tuesday, following which it sent all its holdings to another wallet.
• A user on Reddit mentioned receiving the funds owed to them by Mt. Gox through BitGo.

A wallet that received over $2 billion worth of bitcoin from Mt. Gox moved a minuscule amount on Tuesday before clearing the entirety of its holdings. While the value of its bitcoin holdings was over $2 billion two weeks ago when the funds flowed in, the price of the 33,105 bitcoins it held dropped to $1.95 billion at the time of the transfers.

Blockchain analytics company Arkham Intelligence suggested that the wallet belongs to BitGo, the final firm entrusted by the Mt. Gox bankruptcy estate to refund creditors. The others included exchanges like Kraken, Bitstamp, Bitbank, and SBI VC Trade.

In its post on X, Arkham broke the news of the test transaction, “JUST IN: MOVEMENTS FROM $1.95B MT GOX BTC WALLET.” It added, “A Wallet that received $2.19B Bitcoin from Mt. Gox has just initiated test transactions.” Arkham deduced the wallet with the address ‘bc1q26tsxc0ge7phvcr2kyczexqf5pcj8rk79cqk90h34c30dn9dskeq3gmw3f’ belonged to BitGo as every other platform has completed the repayment process.

The Wallet Emptied Its Holdings A Few Hours Later

A few hours after the test transaction, which sent a little over $5 as depicted on Arkham’s platform, the wallet moved the remainder of its holdings, valued at $1.97 billion during the transaction. The funds were sent to a wallet with the address ‘bc1qpn5n539pztvk9lg55fnrt3nq0dn5s88xd9x2p3aqxz03gmnkza9sny7k53.’ This is likely another BitGo wallet, and the firm is taking precautions to secure the funds before disbursing them to creditors.

While these transfers occurred, a Reddit user took to the r/mtgoxinsolvency subreddit to claim they had received what was owed to them through BitGo. They mentioned receiving Bitcoin and Bitcoin Cash. “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.” They further updated the subreddit, relaying through a comment that they successfully withdrew a small amount to a whitelisted wallet address.