Mt. Gox Moves $1 Billion in Bitcoin, Marking Third Major BTC Transfer This Month
Bankrupt cryptocurrency exchange Mt. Gox has transferred 11,501 Bitcoin (BTC), valued at approximately $1 billion, marking its third significant Bitcoin movement within a single month.
Details of the Latest Transfer
Blockchain analytics firm Arkham Intelligence reported the transaction on March 25, highlighting that Mt. Gox sent:
- 893 BTC (around $78 million) to its cold wallet (address: 1Jbez).
- 10,608 BTC (approximately $929 million) to another wallet, identified as the Mt. Gox change wallet (address: 1DcoA).
Analytics platform Spot On Chain noted that previous transfers this month included movements to crypto exchange Bitstamp, speculating that the 893 BTC sent to the warm wallet may soon be moved again.
Previous Bitcoin Movements
This latest transfer follows two other significant Bitcoin movements by Mt. Gox earlier this month:
- March 6: 12,000 BTC (over $1 billion)
- March 11: 11,833 BTC
Arkham Intelligence data indicates Mt. Gox still holds approximately 35,000 BTC, worth around $3.1 billion, across various wallets.
Possible Creditor Payouts
These large-scale Bitcoin transfers have fueled speculation that creditor payouts may soon occur. Creditors have the option to receive their repayments in Bitcoin. A Reddit poll conducted in July 2024 indicated that many creditors were not eager to sell their Bitcoin immediately upon receiving payouts.
Background on Mt. Gox
Mt. Gox was once the largest Bitcoin exchange globally, handling 70-80% of all Bitcoin trades. However, it collapsed into bankruptcy in early 2014 after losing approximately 850,000 BTC in one of the largest crypto hacks ever recorded.
A Tokyo court appointed a trustee to manage the bankruptcy proceedings and distribute remaining assets to creditors. The repayment deadline was recently extended to October 31, 2025, due to incomplete creditor procedures.
Key Points:
- Mt. Gox transferred 11,501 BTC worth around $1 billion on March 25.
- This marks the third major Bitcoin transfer by Mt. Gox this month.
- Speculation grows around imminent creditor payouts.
- Mt. Gox still holds approximately 35,000 BTC.
- Repayment deadline extended to October 2025.
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