Key Takeaways
- Mt. Gox still holds about 35,583 BTC, valued at $3.1 billion
- The transaction saw 10,608 BTC—approximately $927.5 million—transferred to an unidentified wallet
Defunct crypto exchange, Mt. Gox, moved 11,501 Bitcoin (BTC) worth about $1.01 billion on March 25, according to blockchain analytics firm Arkham Intelligence. The transaction saw 10,608 BTC—approximately $927.5 million—transferred to an unidentified wallet, while 893 BTC was sent to Mt. Gox’s hot wallet.
The transfer has sparked speculation about creditor repayments, as past Bitcoin movements from the exchange have sometimes preceded distributions. Spot On Chain, another blockchain analytics firm, noted, “The 893 Bitcoin sent to the warm wallet will be moved out shortly too.” However, there has been no official confirmation that these transfers are linked to upcoming payouts.
Mt. Gox, once handling 70% of global Bitcoin trades, collapsed in 2014 after a major hack led to the loss of 850,000 BTC. The exchange has since been embroiled in bankruptcy proceedings, with repayments to creditors beginning in July 2024. Mt. Gox holds 142,000 BTC, 143,000 Bitcoin Cash, and 69 billion Japanese yen earmarked for repayments.
The latest transfer follows similar moves in recent weeks. On March 6, Mt. Gox moved 12,000 BTC worth over $1 billion, followed by another 11,833 BTC on March 11. In December 2024, the exchange transferred 24,000 BTC, valued at nearly $2.5 billion. These transactions have led to speculation that more creditor repayments are imminent.
Mt. Gox still holds about 35,583 BTC, valued at $3.1 billion, with no changes to its reserves since March 12. While some creditors have received repayments via exchanges like Kraken and Bitstamp, many are still awaiting their full compensation. The trustee overseeing the exchange has extended the repayment deadline to October 31, 2025, citing verification delays.
Bitcoin transfers from Mt. Gox have historically caused market fluctuations, though recent movements have had limited impact. A July 2024 Reddit poll suggested many creditors were opting to hold their BTC rather than sell.
On the same day as Mt. Gox’s transfer, Bhutan’s government moved $63 million in Bitcoin across three wallets, according to Arkham Intelligence. Bhutan has been mining Bitcoin since 2019 using hydroelectric power, with its crypto holdings now accounting for about 30.7% of its GDP
