Mt. Gox, a bankrupt cryptocurrency exchange, recently relocated approximately $1 billion in Bitcoin, marking the third major Bitcoin transaction within this month. This information was made known to the public on March 25 by Arkham Intelligence, a blockchain analytics firm, and shared on platform X. The Japanese exchange moved approximately $78 million worth of Bitcoin to the cold wallet of Mt. Gox and to another wallet about $929 million worth.
Prior to this, Mt. Gox had already relocated over $1 billion worth of Bitcoin on March 6 and then another large amount on March 11. According to Spot on Chain, a blockchain analytics platform, one of these past transfers ended up on the crypto exchange Bitstamp. It’s speculated that the 893 Bitcoin recently moved to the ‘warm’ wallet will be transferred out in the near term as well.
There’s estimations from Arkham data that Mt. Gox still retains control over a substantial number of Bitcoin, approximately 35,000, which are valued around $3.1 billion. Many observers are speculating that the recent large-scale movements could imply that payouts to creditors are imminent. These creditors have the option to receive their payouts in Bitcoin. A poll from 2024 revealed that creditors weren’t in a hurry to sell their Bitcoin payouts.
The implosion of Mt. Gox in early 2014, following a loss of 850,000 Bitcoin to a major security breach, was one of the largest cryptocurrency hacks in history. Prior to this, the exchange had the highest volume of Bitcoin trades, handling around 70-80% of all trades. Throughout the subsequent bankruptcy proceedings, a trustee was appointed by a Tokyo court to manage the assets with which to compensate creditors.
Despite these remediation efforts, many creditors have yet to receive repayment due to incomplete required procedures. The timeframe for these procedures was extended to October 31, 2025, as of last year. Additionally, the exchange relocated approximately $2.5 billion worth of Bitcoin to an unknown address, as of last December. This move was made when Bitcoin reached its milestone value of $100,000.