TLDR
- Mt. Gox transferred 11,501 Bitcoin (worth ~$1 billion) on March 25, 2025, its third major BTC move this month
- Previous transfers occurred on March 6 (12,000 BTC) and March 11 (11,833 BTC)
- Mt. Gox still holds approximately 35,000 Bitcoin worth $3.1 billion across its wallets
- The bankrupt exchange is in the process of repaying creditors, with a deadline extended to October 31, 2025
- Mt. Gox was once the largest Bitcoin exchange before suffering a major 850,000 BTC hack in 2014
Mt. Gox, the once-dominant cryptocurrency exchange that collapsed in 2014, transferred 11,501 Bitcoin worth approximately $1 billion on March 25. This marks the third major Bitcoin movement from the exchange in less than a month.
Blockchain analytics firm Arkham Intelligence first reported the transfer on March 25. The company alerted the crypto community that Mt. Gox had sent 893 Bitcoin (about $78 million) to its cold wallet and another 10,608 Bitcoin (around $929 million) to a change wallet.
ARKHAM ALERT: MT GOX MOVING $1B $BTC
893 BTC were moved to Mt. Gox Hot Wallet [1Jbez] and 10608 BTC were moved to change wallet 1DcoA. pic.twitter.com/akr3hqSasD
— Arkham (@arkham) March 25, 2025
This latest transfer follows two other large Bitcoin movements earlier this month. On March 6, Mt. Gox moved 12,000 Bitcoin worth over $1 billion. Just five days later, on March 11, the exchange transferred another 11,833 Bitcoin.
Recent Bitcoin Movements
Spot On Chain, another blockchain analytics platform, noted that one of these previous transfers ended up on the Bitstamp exchange. The platform speculated that the 893 Bitcoin sent to Mt. Gox’s warm wallet “will be moved out shortly too.”
Despite these large transfers, Arkham data shows Mt. Gox still controls about 35,000 Bitcoin. This remaining Bitcoin is worth approximately $3.1 billion at current prices.
Many in the crypto community believe these movements could signal that creditor payouts are happening soon. Mt. Gox started repaying its creditors in July 2024 from its holdings of 142,000 Bitcoin, 143,000 Bitcoin Cash, and 69 billion Japanese yen.
The Rise and Fall of Mt. Gox
The Tokyo-based exchange was once the largest Bitcoin exchange in the world. At its peak in 2013, Mt. Gox handled between 70-80% of all Bitcoin trades globally.
However, Mt. Gox’s dominance came to an abrupt end in early 2014. The exchange suffered one of the biggest crypto hacks ever recorded, losing approximately 850,000 Bitcoin to attackers.
Following this massive security breach, Mt. Gox filed for bankruptcy in February 2014. A Tokyo court appointed a trustee to manage the bankruptcy process and work on compensating creditors with the exchange’s remaining assets.
Creditor Repayment Process
Creditors have the option to receive their repayments in Bitcoin rather than cash. A Reddit poll following the exchange’s first payout last July found that many creditors were not rushing to sell their Bitcoin payouts.
The repayment process has been lengthy and complex. In October 2024, the trustee in charge of the exchange’s Bitcoin extended the deadline for repayments 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” as the reason for the extension.
In December 2024, Mt. Gox made another large Bitcoin movement. The exchange transferred over 24,000 Bitcoin, worth nearly $2.5 billion at the time, to an unknown address after Bitcoin hit the milestone price of $100,000.
While some creditors have already received repayments through exchanges like Kraken and Bitstamp, many are still waiting. These large Bitcoin movements have occasionally preceded repayments to creditors in the ongoing bankruptcy process.
It remains unclear whether Monday’s $1 billion Bitcoin move is part of a future distribution to creditors. The unmarked wallet that received most of the Bitcoin in this latest transfer could potentially belong to the exchange itself.
The Bitcoin currently held by Mt. Gox represents a sizable amount of the cryptocurrency. How and when these funds enter the market could potentially impact Bitcoin prices due to increased selling pressure.
Stay Ahead of the Market with Benzinga Pro!
Want to trade like a pro? Benzinga Pro gives you the edge you need in today's fast-paced markets. Get real-time news, exclusive insights, and powerful tools trusted by professional traders:
- Breaking market-moving stories before they hit mainstream media
- Live audio squawk for hands-free market updates
- Advanced stock scanner to spot promising trades
- Expert trade ideas and on-demand support
