BitGo Moves $2 Billion Of Mt. Gox Bitcoin

On-chain analysis platform Arkham Intelligence sounded the alarm on Tuesday as $2 billion worth of Bitcoin connected to Mt. Gox moved from a blockchain address connected to crypto exchange BitGo.

• According to Arkham, a wallet that had received $2.19 billion from the long-defunct Bitcoin exchange began initiating test transactions early Tuesday.
• The firm said the wallet likely belonged to BitGo – the fifth and final exchange responsible for handling distributions to Mt. Gox creditors.
• The official $2 billion transaction occurred 14:40 UTC on Tuesday, amounting to 33,140 BTC in total.
• Four other exchanges including Bitbank, Bitstamp, Kraken, and SBI VC Trade have already started giving Mt. Gox customers their money back.
• In an unusual move, Bitcoin’s price shot up above $60,300 shortly following news of the transfer. Mt. Gox related fears have inspired panic selling among market participants earlier this year on fears that reimbursed customers might create an avalanche of sell pressure upon receiving their money back.
• Arkham’s data says that Mt. Gox still has 46,164 BTC ($2.79 billion) remaining in its wallets, down from the 141,000 BTC that it started with.

The post BitGo Moves $2 Billion Of Mt. Gox Bitcoin appeared first on CryptoPotato.