Mt. Gox makes $1 billion bitcoin transfer, still holds 35,583 BTC: Arkham
Quick Take Mt. Gox moved $1.01 billion worth of bitcoin on Monday, with bitcoin worth about $927.5 million sent to an unmarked wallet. Large movements in the past have occasionally preceded creditor repayments, which have a deadline set for this October. Mt. Gox still holds 35,583 BTC, Arkham data shows.
Defunct crypto exchange Mt. Gox moved over 11,501 BTC, worth around $1.01 billion, to an unmarked wallet address and an exchange hot wallet on Monday, according to data from Arkham Intelligence.
At around 8:21 p.m. ET, Mt. Gox transferred a total of 11,501.58 BTC ($1.01 billion), of which 10,608.16 BTC ($927.5 million) was moved to the unmarked wallet "1DcoA…AWXFe." Around 893 BTC was sent to Mt. Gox's hot wallet. Both amounts remain unspent, Arkham Intelligence data shows.
Bitcoin movements in the past have occasionally preceded repayments from Mt. Gox to creditors in its bankruptcy. Creditor distributions may impact market prices, potentially increasing selling pressure.
However, it is unclear whether Monday's move is part of a future distribution to creditors.
According to the data, Monday's $1 billion bitcoin move stems from Mt. Gox wallet "1Pazv…R9pYj," which received 11,502 BTC from another exchange wallet last week. The "1Pazv" address wasn't marked as a Mt. Gox wallet on Arkham Intelligence when it moved funds last week, which raises the possibility that the recipient wallet of today's transfer could also belong to the exchange.
Launched in 2010, the Tokyo-based exchange was once the largest bitcoin exchange, servicing 70% of all bitcoin trades worldwide in 2013. However, it suffered a hack in early 2014 and lost around 850,000 BTC, which led the company to file for bankruptcy protection.
Mt. Gox started repaying its creditors in July 2024 from its holdings of 142,000 BTC ($11 billion), 143,000 Bitcoin Cash ($47 million) and 69 billion Japanese yen ($469 million).
While some creditors received repayments via Kraken and Bitstamp exchanges, Mt. Gox pushed back the repayment deadline to Oct. 31, 2025.
The bankrupt exchange holds 35,583 BTC, currently valued at $3.1 billion, according to Arkham data. The number of bitcoin held by Mt. Gox has not changed since March 12.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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