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August 13, 2024Major Mt. Gox Bitcoin Wallet Surfaces: What We Know So Far
At precisely 10:57 UTC, a significant wallet, which recently received $2.19 billion in Bitcoin from the defunct Mt. Gox exchange, conducted a test transaction. This wallet, identified as bc1q26, has drawn considerable attention due to its suspected connection with Bitgo. Bitgo is believed to be the fifth and final exchange responsible for distributing funds to Mt. Gox creditors.
Current Status of the Wallet
The wallet in question holds a substantial 33,105 Bitcoin, currently valued at $1.96 billion, following recent market shifts. This amount was transferred to the wallet on July 30 at 11:28 pm UTC. At the time, the Bitcoin was valued at $2.19 billion, but the recent market downturn has reduced its worth by approximately $23 million. As of August 13, Bitcoin’s price stands at around $58,900.
Since the test transaction, there has been no further activity from the wallet, which had been inactive for two weeks before this event.
According to CryptoQuant data, the Mt. Gox distribution process is now 67.7% complete. Despite the long-awaited release of funds to roughly 127,000 creditors, there has been no significant market sell-off. The distribution has seen over $3.2 billion in Bitcoin allocated to creditors without triggering a major price drop in the asset.
A report by Glassnode in late July indicated that this distribution marks the conclusion of a significant market overhang that has persisted since 2013.
Repayment Plan Details
On July 5, Mt. Gox announced it would commence repayments to creditors in both Bitcoin and Bitcoin Cash, as part of its rehabilitation plan. The announcement highlighted that repayments would be processed through designated crypto exchanges, including Kraken, Bitstamp, and Bitgo. Early reports on Reddit corroborated the initiation of repayments, with the “rehabilitation trustee” reportedly transferring BTC/BCH to affected parties.
In total, over $9.4 billion worth of Bitcoin is owed to Mt. Gox creditors, who have been waiting for more than a decade to reclaim their funds from the now-collapsed exchange.
