- Mt. Gox moved 11,501 BTC worth $1.01 billion to an unmarked and hot wallet.
- The exchange still holds 35,583 BTC, valued at around $3 billion.
Defunct crypto exchange Mt. Gox transferred 11,501 BTC worth $1.01 billion on Monday. Blockchain analytics firm Arkham Intelligence tracked the movement, noting that 10,608 BTC ($927.5 million) went to an unmarked wallet, while 893 BTC entered a hot wallet. Despite the transfer, the exchange still holds 35,583 BTC valued at around $3 billion.
Bitcoin’s price surged to $87,000 during the transaction, marking a 2% gain in 24 hours, according to CoinGecko. However, recent movements from the exchange have shown minimal market impact. Past Mt. Gox transactions sometimes signaled repayments to creditors.
Monday’s transaction originated from Mt. Gox’s “1Pazv” wallet, which received 11,502 BTC from another exchange wallet last week. Notably, this wallet was not previously labeled as a Mt. Gox address, raising speculation that the recipient’s wallet might also belong to the exchange.
This marks Mt. Gox’s third major Bitcoin move this month. On March 6, the exchange transferred 12,000 BTC worth over $1 billion. On March 11, another 11,833 BTC, valued at approximately $1 billion, was moved. These large transfers have fueled speculation that creditor payouts are approaching. Creditors can choose to receive their repayments in Bitcoin.
Mt. Gox Delays Payouts
Mt. Gox’s repayment deadline was initially set for October 31, 2024. However, it was recently extended to October 31, 2025, due to ongoing verification and processing requirements. Some creditors have received fiat payments, but many await full compensation in Bitcoin or Bitcoin Cash.
The Exchange collapsed in 2014 after losing 850,000 BTC in one of history’s largest crypto hacks. Before its bankruptcy, it handled 70-80% of all Bitcoin trades. The Tokyo court-appointed trustee has managed the bankruptcy process for over a decade.
Meanwhile, the Bhutan government also moved 600 BTC, worth $53 million, on Monday. Bhutan has been mining Bitcoin since 2019, utilizing its hydroelectric power. The country’s crypto holdings now make up 30.7% of its GDP.
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