The bankrupt cryptocurrency exchange Mt. Gox has recently transferred 11,501 Bitcoin in its third notable transaction within a month.
A blockchain analytics company alerted the community on March 25, revealing that the Japanese exchange had moved 893 Bitcoin (BTC), valued at approximately $78 million at current market rates, to its cold wallet (1Jbez) and an additional 10,608 Bitcoin, worth around $929 million, to a different wallet referred to as the Mt. Gox change wallet (1DcoA).
Image Credit: Arkham Intelligence
This latest transaction follows earlier movements where Mt. Gox transferred a total of 12,000 Bitcoin valued over $1 billion on March 6, and another 11,833 Bitcoin on March 11.
Another analytics platform noted in a post on March 25 that one of the earlier transfers this month had ended up at the crypto exchange Bitstamp.
They speculated that the 893 Bitcoin sent to the warm wallet might also be moved shortly.
Image Credit: Spot On Chain
Data indicates that the exchange still possesses about 35,000 Bitcoin, valued at $3.1 billion, across its various wallets.
There is much speculation that significant transactions from Mt. Gox could signal impending payouts to creditors, who have the choice to receive their reimbursements in Bitcoin. A Reddit poll conducted in July 2024 following the exchange’s first payout showed that creditors were not eager to unload their Bitcoin payouts.
Mt. Gox declared bankruptcy in early 2014 after experiencing an 850,000 Bitcoin loss due to one of the largest hacks in cryptocurrency history. Prior to the breach, it was the dominant Bitcoin exchange, handling approximately 70-80% of all Bitcoin trades.
Following the bankruptcy declaration in February 2014, a Tokyo court appointed a trustee to oversee the proceedings and distribute the exchange’s assets to creditors.
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In October of last year, the trustee managing the exchange’s Bitcoin assets extended the payout deadline by an entire year to October 31, 2025, citing that many creditors had yet to complete the necessary procedures to receive their repayments.
Additionally, last December, Mt. Gox transferred over 24,000 Bitcoin, valued at nearly $2.5 billion, to an unidentified address after the cryptocurrency surpassed the $100,000 milestone.
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