Mt. Gox transfers $1B in Bitcoin in third major BTC move this month
Bankrupt crypto exchange Mt. Gox has just shifted 11,501 Bitcoin in its third significant transaction in less than a month.
Blockchain analytics firm Arkham Intelligence alerted the community of the transfer on March 25 on X, revealing the Japanese exchange had sent 893 Bitcoin (BTC) worth around $78 million at current prices to the Mt. Gox cold wallet (1Jbez) and another 10,608 Bitcoin, worth around $929 million, to another wallet, the Mt. Gox change wallet (1DcoA).
Source: Arkham Intelligence
The latest move comes after Mt. Gox shuffled a total of 12,000 Bitcoin worth over $1 billion on March 6 and another 11,833 Bitcoin on March 11.
Blockchain analytics platform Spot On Chain said in a March 25 post to X that one of the previous transfers this month ended up in the crypto exchange Bitstamp.
Spot On Chain speculates the 893 Bitcoin “sent to the warm wallet will be moved out shortly too.”
Source: Spot On Chain
Arkham data shows the exchange still holds about 35,000 Bitcoin worth $3.1 billion across wallets it controls.
Many speculate significant movements from Mt. Gox could mean creditor payouts are around the corner. Creditors have the option to receive their payouts in Bitcoin. A July 2024 Reddit poll following the exchange’s first payout found creditors were not rushing to sell their Bitcoin payouts.
Mt. Gox fell into bankruptcy in early 2014 after suffering an 850,000 Bitcoin loss in one of the biggest crypto hacks ever recorded. Before the security breach, it was the largest Bitcoin exchange, handling around 70-80% of trades.
After its bankruptcy in February 2014, a Tokyo court appointed a trustee to manage the bankruptcy proceedings and compensate creditors with the exchange’s assets.
Related: Mt. Gox moves $2.2B of Bitcoin, adding to BTC selling pressure
However, last October, the trustee in charge of the exchange’s Bitcoin stash extended the deadline, pushing it by a full year to Oct. 31, 2025, claiming many creditors “still have not received their repayments because they have not completed the necessary procedures for receiving repayments.”
Last December, Mt. Gox also moved over 24,000 Bitcoin, worth nearly $2.5 billion, to an unknown address after the cryptocurrency hit a milestone of $100,000.
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