JUST

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Arkham

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<ul>
 <li><strong>A crypto wallet linked to Mt. Gox has initiated a Bitcoin test transaction worth a staggering $2 billion.</strong></li>
 <li><strong>This suggests an imminent distribution of funds to creditors, potentially triggering a massive Bitcoin sell-off and a price drop.</strong></li>
</ul>
<p data-sourcepos="11:1-11:284">The patience of Mt. Gox creditors, who have been waiting for their funds since the crypto exchange’s bankruptcy in 2014, <a href="https://www.ethnews.com/is-ethereum-poised-to-eclipse-bitcoin-heres-why-experts-are-saying-yes/" rel="noopener noreferrer nofollow">seems</a> to be finally paying off. In early July, Mt. Gox began the gradual process of repaying its creditors, which has already led to significant market movements.</p>
<p data-sourcepos="13:1-13:295">Now, a recent discovery has sent ripples through the crypto community. A crypto wallet associated with the asset manager Mt. Gox <a href="https://www.ethnews.com/why-marathon-digital-betting-250m-on-bitcoin-matters-more-than-you-think/" rel="noopener noreferrer nofollow">Bitcoin</a>, holding a substantial sum of $2 billion, has initiated a test transaction. This move, detected by analysts at Arkham Intelligence, strongly suggests that the distribution of funds to creditors could be imminent.</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr">JUST IN: MOVEMENTS FROM $1.95B MT GOX BTC WALLET</p>
 <p>A Wallet that received $2.19B Bitcoin from Mt. Gox has just initiated test transactions.</p>
 <p>This wallet bc1q26 is likely Bitgo, the 5th and final exchange working with Mt. Gox Trustee to distribute funds to Mt. Gox creditors.</p>
 <p>Are… <a href="https://t.co/w0j2aCg2Gc" rel="noopener noreferrer nofollow">pic.twitter.com/w0j2aCg2Gc</a></p>
 <p>— Arkham (@ArkhamIntel) <a href="https://twitter.com/ArkhamIntel/status/1823329015450525765?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 13, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<h2 data-sourcepos="15:1-15:53" id="another-wave-of-bitcoin-withdrawals-from-mt-gox">Another Wave of Bitcoin Withdrawals from Mt. Gox?</h2>
<p data-sourcepos="17:1-17:294"><a href="https://www.ethnews.com/surge-in-stablecoin-issuance-fuels-bitcoins-swift-recovery/" rel="noopener noreferrer nofollow">According to</a> these analysts, the wallet in question likely belongs to the custodial platform BitGo, one of the five partners responsible for distributing the tokens. This isn’t the first such transaction; two weeks ago, a previous transfer of 33,100 BTC, equivalent to $2.2 billion, took place.</p>
<h2 data-sourcepos="19:1-19:35" id="mt-gox-creditors-on-high-alert">Mt. Gox Creditors on High Alert</h2>
<p data-sourcepos="21:1-21:120">Mt. Gox creditors, who have been waiting for nearly a decade for their dues, are understandably on edge. On Reddit, some users have <a href="https://www.ethnews.com/why-bitcoin-whales-are-hoarding-1-7-billion-worth-of-btc-despite-the-market-crash/" rel="noopener noreferrer nofollow">reported</a> receiving funds in their BitGo accounts, though these claims remain unverified.</p>
<p data-sourcepos="23:1-23:138">The crypto community is apprehensive that these massive repayments could trigger a massive <a href="https://www.ethnews.com/bitcoin-facing-sharp-52k-decline-is-no-reason-for-panic-these-top-crypto-picks-will-make-u-go-through-any-harsh-times/" rel="noopener noreferrer nofollow">Bitcoin</a> sell-off, leading to a price collapse.</p>
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<p>The post <a href="https://www.ethnews.com/mt-gox-2-billion-in-bitcoin-on-the-verge-of-release/" rel="noopener noreferrer nofollow">Mt. Gox: $2 Billion in Bitcoin on the Verge of Release?</a> appeared first on <a href="https://www.ethnews.com" rel="noopener noreferrer nofollow">ETHNews</a>.</p>

Mt. Gox: $2 Billion in Bitcoin on the Verge of Release?

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