Mt. Gox moves $930M in Bitcoin as repayment deadline nears

Defunct cryptocurrency exchange Mt. Gox transferred 11,833 Bitcoin (CRYPTO:BTC) worth over $930 million on March 11, marking its second significant transaction within a week.  

Of the total amount, 11,501 BTC ($905.1 million) was sent to a new wallet, while 332 BTC ($26.1 million) was moved to a warm wallet, potentially for creditor repayments, according to blockchain analytics firm Lookonchain.  

This follows a March 6 transfer of 12,000 BTC valued at over $1 billion.  

Blockchain data shows that $15 million from the earlier transfer went to BitGo, a custodian involved in facilitating repayments to creditors.  

These movements are part of Mt. Gox's ongoing efforts to meet its October 31, 2025, deadline for repaying creditors.  

The latest transfer coincided with a brief dip in Bitcoin prices, which fell by 2.4% to $76,784 before recovering to $79,275.  

Arthur Hayes, Chief Investment Officer at Maelstrom, advised investors to remain patient, predicting that Bitcoin may bottom around $70,000.  

Mt. Gox's remaining wallets now hold approximately 24,411 BTC valued at $1.94 billion, down from the roughly $9.2 billion in Bitcoin it began offloading in June 2024.  

The exchange collapsed in 2014 after losing up to 850,000 BTC in a major hack and has since been embroiled in a lengthy bankruptcy and repayment process.  

Most creditors have opted to receive their repayments in Bitcoin rather than cash, reducing concerns about large sell-offs impacting the market.  

However, the scale of recent transactions has raised questions about potential market volatility.  

The transfers are seen as a critical step toward resolving one of the longest-running sagas in cryptocurrency history.  

While creditors await their repayments, the cryptocurrency community continues to monitor how these movements may influence Bitcoin’s price and broader market trends in the coming months.

At the time of reporting, the Bitcoin (BTC) price was $80,252.25.