Gairika Mitra
A crypto wallet that holds $2 billion of Bitcoin from Mt. Gox, a defunct crypto exchange, did a test transaction on Tuesday, according to blockchain analytics firm Arkham Intelligence.
Arkham identified the wallet as bc1q26, which is likely Brigo, the fifth and final exchange working with Mt. Gox trustees to distribute funds to Mt. Gox creditors.
Arkam Intelligence recently posted on X about this transaction.
Mt. Gox was a leading global crypto exchange. But it filed for bankruptcy in 2014 after a massive hack. The defunct exchange announced in June that it would begin repaying its creditors beginning early July, but is yet to fulfil that promise.
Even earlier, in May, wallets associated with Mt.Gox had transferred over 140,000 BTC valued at about $9 billion to an unknown address, the first on-chain wallet movements in five years. This resulted in a 1.4% decline in Bitcoin’s value at that time. The interest in the most recent test transaction highlights the market’s sensitivity to such large-scale Bitcoin transactions.
Arkham data shows that Mt. Gox addresses currently hold around 46,000 BTC.
When Mt. Gox does finally start the promised repayments, it is expected to have a negative impact on Bitcoin prices and the broader cryptocurrency market.
Still, it would be a positive step for those affected by the hack.
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Gairika holds positions in BTC. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
