In a significant development, Mt. Gox, the cryptocurrency exchange that went bankrupt after a major hack in 2014, has transferred 11,501 Bitcoin—valued at approximately $905 million—to an unmarked wallet on March 11, 2025. The transfer was executed at 12:15 a.m. UTC, with the majority sent to an unidentified wallet that begins with “1Pazv…R9pYj.” Additionally, 332 BTC was moved to the exchange’s warm wallet, both of which remain untouched.
This transfer occurred shortly after a separate transaction involving $1.07 billion worth of Bitcoin sent to a wallet starting with “1Mo1n” the previous week. Initially unidentified as a Mt. Gox wallet, this new movement indicates a potential association with the exchange. Currently, Mt. Gox retains control over 35,915 Bitcoin, amounting to $2.8 billion, as reported by Arkham Intelligence. These assets are being utilized to settle debts owed to creditors from the 2014 incident that resulted in the loss of around 850,000 BTC.
Beginning in July 2024, Mt. Gox initiated repayments to its creditors using its reserves of Bitcoin, Bitcoin Cash, and Japanese yen. However, the deadline for these repayments has been extended to October 2025. While Bitcoin transfers have typically been connected to creditor payments, the rationale behind this latest transfer is unclear, leaving uncertainty about whether it signifies the onset of further distributions.
The recent transactions have sparked speculation regarding their potential effect on Bitcoin’s market value. If Mt. Gox proceeds with creditor payouts, it could generate selling pressure that might influence market dynamics. Currently, Bitcoin’s price is volatile, with some analysts forecasting a possible decline to as low as $75,000 amidst ongoing market fluctuations.
Once the largest Bitcoin exchange worldwide, handling 70% of all Bitcoin transactions by 2013, Mt. Gox faced bankruptcy due to a major hack in 2014 and has been working to reimburse creditors ever since. Despite ongoing repayments, some creditors are still waiting for their compensation. With over $2.8 billion in Bitcoin still retained, Mt. Gox’s actions are likely to continue influencing the market and raise concerns about the future allocation of these assets.
As the exchange continues to navigate its repayment strategy, the movements of these assets in the future could significantly impact Bitcoin’s market path. The status of Mt. Gox’s holdings and any prospective distributions are topics of keen interest in the cryptocurrency landscape.
