Mt. Gox transfers almost $1 billion in Bitcoin: second massive movement in a week

The failed cryptocurrency exchange Mt. Gox has made a new massive transfer of 11,833 Bitcoin (BTC), valued at over 930 million dollars. This movement follows a similar transaction that took place on March 6, when the exchange had transferred 12,000 BTC for over 1 billion dollars.

Mt. Gox makes a new transfer of 11,833 Bitcoin (BTC)

According to the data from Lookonchain, which cites information from Arkham Intelligence, of the amount transferred:

– 11,501 BTC (approximately 905.1 million dollars) have been sent to a new wallet.  

– 332 BTC (approximately 26.1 million dollars) have been transferred to a warm wallet.  

The operation cost Mt. Gox only 2.13 dollars in fees.  

Impact of the transfer on the price of Bitcoin  

The transfer of the substantial amount coincided with a drop of 2.4% in the value of Bitcoin, which fell to 76,784 dollars in just 30 minutes, according to CoinGecko.

Despite this, the price quickly recovered, reaching 79,275 dollars shortly after.  

The investor Arthur Hayes, founder of Maelstrom, has called for calm in the market, stating on X (formerly Twitter) that Bitcoin could reach a low of 70,000 dollars before a new recovery.   

Mt. Gox accelerates the reimbursement process to creditors

These movements are part of the exchange’s strategy to fully reimburse its creditors by October 31, 2025, following the postponement announced in October 2024.

Some of the criptovalute transferred in the first movement, about 15 million dollars, were sent to BitGo, a company tasked with managing the refunds. The recent 332 BTC destined for the warm wallet could also be used for the same purpose, according to the company Spot On Chain.

Reduction of Mt. Gox BTC reserves

The latest movements further reduce the reserves of Bitcoin still held by the exchange. Currently, in the main wallets of Mt. Gox, there are approximately 24,411 BTC remaining, with an estimated value of 1.94 billion dollars.  

Since last June 2024, the exchange has actively started moving its Bitcoin, for a total of about 9.2 billion dollars.  

The long wait for refunds after the collapse of the exchange

Founded in 2010, Mt. Gox was the largest Bitcoin exchange in the world until 2014, handling between 70% and 80% of all transactions on the BTC network.  

In 2014, the platform suffered a devastating cyber attack that led to the theft of 850,000 BTC, causing its bankruptcy. Since then, creditors have been waiting for the reimbursement of the frozen funds, a process that is finally reaching the final stages.  

The current movements of the funds suggest that Mt. Gox clients might receive their reimbursements before the 2025 deadline, a significant step in one of the longest sagas in cryptocurrency history.