Bitgo Initiates Test Transactions For Mt. Gox Creditor Payout

A Bitcoin (BTC) wallet associated with the Mt. Gox exchange repayments has initiated test transactions. This wallet was identified as Bitgo

A Bitcoin (BTC) wallet linked to the Mt. Gox exchange repayments has initiated test transactions.

The wallet, identified as Bitgo, is the fifth and final exchange to begin distributing BTC and BCH payouts.

The move signals the start of Bitgo payouts to the collapsed exchange’s creditors.

According to Arkham Intelligence, the wallet, labeled bc1q26, received 33,105 BTC from the defunct exchange two weeks ago. The BTC stash was valued at around $2.19 billion at the time and is now pegged at $1.95 billion. The wallet is believed to be controlled by Bitgo.

On Tuesday, August 13, the wallet executed a test transaction, shifting a small fraction of Bitcoin valued at $5.88. This move indicates that the long-awaited repayment process may soon begin, offering some relief to the several creditors affected by the collapse of Mt. Gox in 2014 and awaiting repayments via Bitgo.

The Bitgo-linked wallet currently holds the entire reserve of 33,105 BTC shifted by the defunct exchange.

The distribution of funds has progressed significantly, with 67.7% of the process completed, recent data from CryptoQuant shows. Currently, more than $3.2 billion worth of Bitcoin has been distributed to around 17,000 creditors. However, despite this large-scale payout, the BTC price remained resilient.

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