Mt. Gox Moves $1B in Bitcoin in Third Major Transfer This Month
The bankrupt crypto exchange Mt. Gox has made headlines once again with a significant Bitcoin transfer. On March 25, the exchange shifted 11,501 Bitcoin, valued at approximately $1 billion, marking its third major transaction in less than a month. This follows two previous transfers of 12,000 Bitcoin on March 6 and another 11,833 Bitcoin on March 11.
According to Arkham Intelligence, a blockchain analytics firm, the latest transaction saw Mt. Gox sending 893 Bitcoin (worth around $78 million at current market prices) to its cold wallet (1Jbez). In addition, 10,608 Bitcoin, valued at about $929 million, was transferred to the Mt. Gox change wallet (1DcoA).
Speculation Surrounds Payouts to Creditors
The significant movements from Mt. Gox have led to widespread speculation that creditor payouts might be on the horizon. Mt. Gox's bankruptcy proceedings, which began after one of the largest hacks in crypto history in 2014, have kept its creditors waiting for years. The exchange lost around 850,000 Bitcoin, and the Tokyo court overseeing the bankruptcy appointed a trustee to manage the distribution of assets.
In a post on Spot On Chain to the platform X (formerly Twitter) on March 25, the analytics firm noted that one of the earlier Bitcoin transfers from Mt. Gox had landed at the crypto exchange Bitstamp. Spot On Chain further speculated that the 893 Bitcoin sent to the warm wallet could be moved out soon, which could indicate further movements tied to the ongoing process of creditor payouts.
Current Holdings and Payout Options
As of now, Mt. Gox still holds around 35,000 Bitcoin, valued at approximately $3.1 billion across the wallets it controls. Creditors of Mt. Gox have been given the option to receive their repayments in Bitcoin, and a Reddit poll from July 2024 suggested that many creditors were hesitant to sell their Bitcoin payouts, possibly waiting for further market movements.
The last major movement, recorded in December 2024, saw Mt. Gox transferring over 24,000 Bitcoin—worth nearly $2.5 billion at the time—to an undisclosed address after Bitcoin surpassed $100,000.
Ongoing Bankruptcy Proceedings
Mt. Gox filed for bankruptcy in February 2014 following the hack, which saw the exchange lose a massive portion of its Bitcoin holdings. It was once the largest Bitcoin exchange, handling up to 70-80% of global Bitcoin transactions. In October 2023, the trustee managing Mt. Gox's bankruptcy extended the deadline for creditor payouts to October 31, 2025, citing delays in the necessary paperwork required for creditors to claim their funds.
With the recent flurry of transfers and growing speculation, many are now wondering if the long-awaited payouts to Mt. Gox creditors are finally approaching.
For more details on Mt. Gox’s bankruptcy and creditor payouts, you can explore these links:
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