BitGo Transfers $2 Billion in Bitcoin Linked to Mt. Gox

Custodian BitGo has transferred 33,140.4 BTC (approximately $1.97 billion) associated with the defunct crypto exchange Mt. Gox, according to analysts at Arkham.

BREAKING: Bitgo has just moved $2B of Mt. Gox BTC. pic.twitter.com/3aPFPhmGGN

— Arkham (@ArkhamIntel) August 13, 2024

This is the last of five platforms working with the trustee to distribute funds to creditors.

Hours before the main transaction, researchers detected a test transfer from BitGo. Two weeks prior, this address had received 33,100 BTC from a Mt. Gox cold wallet. 

JUST IN: MOVEMENTS FROM $1.95B MT GOX BTC WALLET

A Wallet that received $2.19B Bitcoin from Mt. Gox has just initiated test transactions.

This wallet bc1q26 is likely Bitgo, the 5th and final exchange working with Mt. Gox Trustee to distribute funds to Mt. Gox creditors.

Are… pic.twitter.com/w0j2aCg2Gc

— Arkham (@ArkhamIntel) August 13, 2024

Meanwhile, some users on a related Reddit thread reported receiving compensation from BitGo.

Other organizations distributing Mt. Gox assets include Bitbank, Kraken, Bitstamp, and SBI VC Trade. Most creditors on these platforms have already begun receiving their funds. 

According to Arkham, the collapsed platform’s addresses still hold 46,164 BTC valued at $2.75 billion. 

In late July, Mt. Gox moved $2.25 billion in bitcoin, though analysts were unable to identify the recipient. 

Experts at Glassnode assessed the potential impact of creditor sales on the price of bitcoin. They believe the market can “absorb” the negative pressure.