The defunct cryptocurrency exchange Mt. Gox has transferred nearly a billion dollars’ worth of Bitcoin, marking the second significant BTC transfer within a week, as Bitcoin’s value dipped to a four-month low on March 11.
Out of the 11,833 Bitcoin
BTCUSD that were moved, 11,501 (equating to $905.1 million) were directed into a new wallet, while the remaining 332 Bitcoin (approximately $26.1 million) were allocated to a warm wallet, according to blockchain analytics firm Lookonchain, referencing data from Arkham Intelligence.
The transfer incurred a mere cost of $2.13 for Mt. Gox.
This movement occurred just days after Mt. Gox transferred 12,000 Bitcoin valued at just over $1 billion on March 6. Arkham highlighted that $15 million of those funds had been sent to BitGo, one of the custodians assisting with Mt. Gox’s repayments to creditors.
Blockchain analytics firm Spot On Chain indicated that the 332 Bitcoin recently moved into the warm wallet may also be shifted to facilitate these repayments.
The transfer coincided with a 2.4% drop in Bitcoin’s price, bringing it down to $76,784 within a span of 30 minutes, as indicated by CoinGecko data. This price level mirrored values from November when the market was witnessing a rally following US President Donald Trump’s election victory.
Though Bitcoin rebounded to $79,275 shortly after, Maelstrom’s chief investment officer Arthur Hayes urged investors to “be fucking patient” in a March 11 post on X, forecasting that Bitcoin might reach a bottom near the $70,000 threshold.
Currently, Mt. Gox’s main wallets contain just 24,411 Bitcoin—valued at $1.94 billion—after having begun liquidating approximately $9.2 billion worth of Bitcoin in June 2024, as per Spot On Chain data.
In October of last year, the now-defunct crypto exchange extended its timeline for full creditor repayment, announcing it would complete this process by October 31, 2025.
At its peak, Mt. Gox was the largest Bitcoin exchange from 2010 to 2014, handling approximately 70-80% of all Bitcoin transactions until its downfall due to a hack that resulted in the theft of up to 850,000 Bitcoin from the Tokyo-based exchange.
