A digital wallet believed to be owned by BitGo has moved nearly $2 billion in Bitcoin, suggesting the process of repaying Mt.Gox creditors is nearing its end after nearly a decade.
According to data fromArkham Intelligence , a blockchain analytics firm, a wallet known as bc1q26, believed to belong to BitGo, made a series of test transactions earlier this week, then moved nearly $2 billion worth of Bitcoin to a separate wallet. BitGo is the last of five exchanges appointed by Mt. Gox’s trustee to distribute funds to creditors.
Mt. Gox, once the world's largest Bitcoin exchange, suffered a major hack in 2014 that cost at least 850,000 Bitcoins. The incident sent shockwaves through the cryptocurrency industry and left thousands of creditors waiting years to get their money back.
The restitution process has been underway for months, with billions of dollars in Bitcoin being transferred from Mt. Gox wallets to designated exchanges such as Bitbank, Kraken, Bitstamp , and SBI VC Trade. The fact that BitGo , the last exchange, moved the massive sum into a separate wallet suggests that the process of distributing funds to creditors is coming to an end.
However, many questions remain unanswered. Arkham Intelligence has Unconfirmed that the bc1q26 wallet actually belongs to BitGo. Additionally, the timing and method of distributing the funds to creditors have not been announced.
Still, the move is seen as an important step forward in resolving the Mt. Gox case. It represents significant progress in recovering and distributing assets to creditors. It could also bolster public confidence in the resilience and accountability of the cryptocurrency industry.
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