Mt. Gox Bitcoin Wallet Transfers

A wallet that received more than $2 billion in Mt. Gox bitcoin moved the majority of those funds to a separate wallet on Tuesday, according to Arkham Intelligence.

After identifying what appeared to be a test transaction completed early Tuesday, Arkham Intelligence speculated in a post to X that the wallet likely belongs to cryptocurrency exchange BitGo and could mean the Mt. Gox saga is nearing a final phase.

“A wallet that received $2.19 billion in bitcoin from Mt. Gox has just initiated test transactions,” the data firm said. “This wallet bc1q26 is likely BitGo, the 5th and final exchange working with Mt. Gox Trustee to distribute funds to Mt. Gox creditors. Are they about to distribute to creditors?”

The bc1q26 wallet then sent nearly $2 billion worth of bitcoin to another wallet a few hours later, also according to Arkham’s data.

Tuesday’s activity could signal that the repaying of Mt. Gox creditors is finally nearing its end. For much of July, Mt. Gox had been transferring billions of dollars worth of bitcoin to designated crypto exchanges, including Bitbank, Kraken, Bitstamp, and SBI VC Trade. The exchanges are then tasked with distributing the bitcoin to Mt. Gox creditors.

Established in 2010, Mt. Gox operated the largest bitcoin exchange in the world until the platform suffered a major security breach in 2014, resulting in the loss of at least 850,000 BTC. Thousands of creditors have been waiting to have their bitcoin returned to them, a process that has been unfurling over the past weeks.