Bankrupt cryptocurrency 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 informed the community about the transfer on X, noting that the Japanese exchange sent 893 Bitcoin
BTCUSD
, currently valued at approximately $78 million, to the Mt. Gox cold wallet (1Jbez). Additionally, it moved another 10,608 Bitcoin, worth around $929 million, to a different wallet, labeled the Mt. Gox change wallet (1DcoA).
This latest transaction follows earlier activity in March, where Mt. Gox transferred a total of 12,000 Bitcoin, valued at over $1 billion, on March 6 and another 11,833 Bitcoin on March 11.
According to Spot On Chain, another blockchain analytics firm, one of the earlier transfers this month found its way to the crypto exchange Bitstamp.
Spot On Chain suggests that the 893 Bitcoin “sent to the warm wallet will likely be moved out soon as well.”
As per Arkham’s data, the exchange still holds around 35,000 Bitcoin, totaling approximately $3.1 billion across its managed wallets.
Many speculate that substantial movements from Mt. Gox could indicate that creditor payouts are imminent. Creditors have the choice to receive their payouts in Bitcoin. A poll conducted on Reddit in July 2024, following the exchange’s first payout, revealed that creditors were not in a hurry to sell their Bitcoin distributions.
Mt. Gox filed for bankruptcy in early 2014 after experiencing the loss of 850,000 Bitcoin in one of the largest hacks in cryptocurrency history. At its peak, it was the largest Bitcoin exchange, accounting for approximately 70-80% of trades.
Following its bankruptcy in February 2014, a trustee was appointed by a Tokyo court to oversee the bankruptcy process and reimburse creditors using the exchange’s assets.
However, last October, the trustee managing the exchange’s Bitcoin reserves extended the deadline for creditor repayments, pushing it back by a full year to October 31, 2025. The trustee cited that many creditors “still have not received their repayments because they have not completed the necessary procedures for receiving repayments.”
In December, Mt. Gox also transferred over 24,000 Bitcoin, valued at nearly $2.5 billion, to an unconfirmed address following a surge in cryptocurrency prices that hit the milestone of $100,000.
