Mt. Gox Moves Over $930 Million in Bitcoin as Deadline for Repayments Approaches

Mt. Gox, the infamous crypto exchange that went bankrupt after a massive hack in 2014, has made another significant Bitcoin transfer. On March 11, the exchange moved 11,833 BTC, worth over $930 million at current prices, marking the second such transfer within a week. This move is part of Mt. Gox’s ongoing efforts to repay creditors, with a deadline set for October 31, 2025.

A $930 Million Bitcoin Transfer

According to blockchain analytics firm Lookonchain, 11,501 BTC—worth approximately $905.1 million—was sent to a new wallet, while the remaining 332 BTC, valued at $26.1 million, were transferred to a warm wallet. This transaction, which cost Mt. Gox only $2.13 in fees, follows a similar move on March 6, when the exchange transferred 12,000 BTC, valued at just over $1 billion.

The earlier transaction also included a $15 million transfer to BitGo, one of the custodians facilitating Mt. Gox’s repayment process to creditors.

Spot On Chain, another blockchain analytics firm, speculated that the 332 BTC moved to the warm wallet may eventually be used for repayment purposes as well.

Bitcoin's Price Dip Amid Mt. Gox Transfer

The timing of Mt. Gox’s large Bitcoin transfer coincided with a brief drop in Bitcoin’s price. Over a 30-minute period, the cryptocurrency fell by 2.4%, reaching $76,784—a four-month low. This dip brought Bitcoin’s price back to levels seen in November 2024, when markets were reacting to U.S. President Donald Trump's election victory. However, Bitcoin quickly recovered, climbing back to $79,275 shortly after.

Despite the market volatility, Arthur Hayes, chief investment officer of Maelstrom, advised Bitcoin investors to remain patient. In a post on social media, he predicted that Bitcoin could potentially bottom out around the $70,000 mark before rebounding.

Mt. Gox’s Remaining Bitcoin Holdings

After these recent transfers, Mt. Gox’s main wallets now hold a total of 24,411 BTC, valued at $1.94 billion based on current prices. This is a significant reduction from the exchange’s holdings in June 2024, when it began liquidating its assets. Since then, Mt. Gox has offloaded roughly $9.2 billion worth of Bitcoin as part of its effort to repay its creditors.

Repayment Deadline Extended to 2025

Mt. Gox, once the largest Bitcoin exchange globally, was handling around 70-80% of Bitcoin transactions before it was hacked in 2014. The hack resulted in the loss of up to 850,000 Bitcoin, which were stolen from the Tokyo-based platform.

In response to the hack and subsequent bankruptcy, Mt. Gox entered a lengthy legal battle to repay its creditors. Initially, the platform had set a deadline of 2023 to complete its repayments, but in October 2024, it extended this deadline by two years, with full repayment now expected by October 31, 2025.

The Road Ahead

As Mt. Gox continues to unwind its remaining Bitcoin holdings, the market will be watching closely. The large transfers and ongoing repayments are a reminder of the lingering effects of the exchange’s collapse, which still reverberates through the cryptocurrency ecosystem. As the deadline for full repayment draws nearer, the movement of Bitcoin from Mt. Gox’s wallets will likely continue to influence the market, with investors bracing for potential volatility.