The bankrupt crypto exchange Mt. Gox has recently transferred 11,501 Bitcoin in its third major transaction within the last month.
On March 25, blockchain analytics firm Arkham Intelligence notified the community about the transfer via X, indicating that the Japanese exchange had dispatched 893 Bitcoin (BTC), valued at approximately $78 million at current prices, to the Mt. Gox cold wallet (1Jbez) and an additional 10,608 Bitcoin, valued at around $929 million, to another wallet known as the Mt. Gox change wallet (1DcoA).
Source: Arkham Intelligence
This latest transaction follows an earlier shuffle of a total of 12,000 Bitcoin, valued at over $1 billion, on March 6, and another transfer of 11,833 Bitcoin on March 11.
According to blockchain analytics platform Spot On Chain, one of the previous transfers this month culminated in a deposit at the crypto exchange Bitstamp.
Spot On Chain hypothesizes that the 893 Bitcoin “sent to the warm wallet will be moved out shortly as well.”
Source: Spot On Chain
Data from Arkham indicates that the exchange continues to hold approximately 35,000 Bitcoin worth $3.1 billion across wallets under its control.
There is speculation that substantial transactions from Mt. Gox might suggest that creditor payouts are imminent. Creditors have the option to receive their payouts in Bitcoin. A Reddit poll in July 2024, following the exchange’s initial payout, revealed that creditors were not eager to sell their Bitcoin payouts.
Mt. Gox declared bankruptcy in early 2014 after a loss of 850,000 Bitcoin in one of the largest hacks in crypto history. Prior to the security breach, it was the leading Bitcoin exchange, facilitating around 70-80% of trades.
Following its bankruptcy announcement in February 2014, a Tokyo court designated a trustee to oversee the bankruptcy process and compensate creditors using the exchange’s assets.
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In October of last year, however, the trustee managing the exchange’s Bitcoin reserves extended the repayment deadline by a full year to October 31, 2025, citing that many creditors “still have not received their repayments because they have not completed the necessary procedures for receiving repayments.”
In December, Mt. Gox transferred over 24,000 Bitcoin, valued at nearly $2.5 billion, to an undisclosed address after the cryptocurrency reached a significant milestone of $100,000.
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