The defunct cryptocurrency exchange Mt. Gox has executed yet another substantial Bitcoin transfer, marking its third major movement within a month.
On March 25, blockchain analytics firm Arkham Intelligence alerted the crypto community on X about the transfer. The Japanese exchange shifted 11,501 Bitcoin, distributing 893 BTC—valued at approximately $78 million—to its cold wallet (1Jbez), while the remaining 10,608 BTC—worth around $929 million—was directed to a different wallet, the Mt. Gox change wallet (1DcoA).
This transaction follows two previous significant Bitcoin transfers: one on March 6 involving 12,000 BTC worth over $1 billion and another on March 11, moving 11,833 BTC.
Blockchain analysis service Spot On Chain noted in a March 25 post on X that one of the earlier transactions this month ended up on the crypto exchange Bitstamp. The firm also speculated that the 893 BTC sent to the warm wallet may soon be transferred elsewhere.
Arkham’s data indicates that Mt. Gox still retains around 35,000 BTC, valued at approximately $3.1 billion, spread across various wallets under its control.
Many in the crypto space believe these movements could signal upcoming repayments to Mt. Gox creditors, who have the option to receive compensation in Bitcoin. A Reddit poll conducted in July 2024, following the exchange’s initial creditor payout, suggested that most recipients were not in a hurry to liquidate their Bitcoin holdings.
Once the largest Bitcoin exchange, handling up to 80% of global trades, Mt. Gox collapsed in early 2014 after suffering an unprecedented hack that resulted in the loss of 850,000 BTC. Following its bankruptcy declaration in February 2014, a court-appointed trustee took charge of the exchange’s assets to oversee creditor repayments.
In October 2023, the trustee postponed the deadline for repayments by another year, pushing it to October 31, 2025, citing the fact that many creditors had yet to complete the required procedures to receive their funds.
Additionally, in December 2023, Mt. Gox moved more than 24,000 BTC—valued at nearly $2.5 billion at the time—to an unknown wallet shortly after Bitcoin surpassed the $100,000 milestone.
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