Home Kripto Activation of Mt. Gox’s Suspected $2.1 Billion BTC Wallet Managed by Bitgo
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Activation of Mt. Gox’s Suspected $2.1 Billion BTC Wallet Managed by Bitgo

Activation of Mt. Gox’s Suspected .1 Billion BTC Wallet Managed by Bitgo

A significant movement has been detected in a Bitcoin wallet associated with the defunct cryptocurrency exchange, Mt. Gox. This wallet, suspected to be managed by Bitgo, initiated a test transaction at 10:57 UTC, marking its first activity since it became dormant two weeks prior.

Wallet Activity and Current Holdings

The wallet in question, identified by its address (bc1q26), is believed to be the final exchange involved in the distribution process for Mt. Gox creditors. As of the latest update, the wallet holds 33,105 Bitcoin, valued at approximately $1.96 billion, reflecting a recent dip in market sentiment. Initially, at the time of the transfer on July 30, the total value was around $2.19 billion.

  • Initial Receipt: The wallet received 33,105 BTC on July 30, 2023, at 11:28 pm UTC.
  • Value Decline: The value of Bitcoin has decreased by approximately $23 million since the transfer, with the current price per Bitcoin around $58,900 as of August 13, 2023.
  • Post-Transaction Dormancy: Following a test transaction, the wallet has shown no further activity.

According to data from CryptoQuant, 67.7% of the Mt. Gox distribution process has been completed as of 19 hours ago. This process is part of the broader effort to repay the creditors of Mt. Gox, who have been waiting for over a decade to recover their funds.

Despite the significant amount of Bitcoin involved, the distribution process has not triggered a sell-off in the market. Over $3.2 billion in BTC has been distributed to creditors without causing a notable impact on Bitcoin prices.

The distribution of funds to Mt. Gox creditors marks a pivotal chapter in resolving a longstanding issue within the cryptocurrency industry, dating back to 2013. The collapse of Mt. Gox had previously created a significant market overhang, as noted in a Glassnode report from late July.

Rehabilitation Plan and Repayment Details

On July 5, 2023, Mt. Gox announced the commencement of its rehabilitation plan to repay debts to creditors in both BTC and Bitcoin Cash. The repayments are being processed through designated crypto exchanges including Kraken, Bitstamp, and Bitgo. This was confirmed through various reports on Reddit, citing the “rehabilitation trustee” initiating the transfer of funds to creditors.

Date Event Details
July 5, 2023 Announcement of Repayment Commencement Start of debt repayments to creditors in BTC and Bitcoin Cash.
July 30, 2023 Receipt of 33,105 BTC Wallet (bc1q26) receives significant Bitcoin deposit.
August 13, 2023 Test Transaction Executed Initial test transaction conducted to ensure wallet functionality.

The activation of the suspected Bitgo wallet linked to Mt. Gox creditors represents a crucial step in resolving the financial aftermath of one of the most infamous collapses in the history of cryptocurrency. As this process unfolds, the stability of Bitcoin’s price suggests a matured market that is less prone to fluctuations due to large-scale transactions.

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