The defunct cryptocurrency exchange Mt. Gox has executed a significant transfer of approximately 11,833 Bitcoin, valued at nearly $931 million, as the price of Bitcoin fell to a four-month low on March 11.
According to blockchain analytics firm Lookonchain, the majority of the transferred Bitcoin—11,501 coins worth about $905 million—was sent to a new wallet, while the remaining 332 coins, valued at $26.1 million, were moved to a warm wallet. The transfer cost Mt. Gox a mere $2.13.
This latest transaction follows a prior transfer of 12,000 Bitcoin worth over $1 billion executed on March 6. A portion of the earlier transfer included $15 million sent to BitGo, a custodian assisting with creditor repayments.
The Bitcoin market experienced a 2.4% decline during this period, dropping to $76,784, before rebounding to around $79,275. Market analysts, including Maelstrom’s chief investment officer Arthur Hayes, have urged investors to remain patient, predicting a potential low around $70,000.
In 2014, Mt. Gox collapsed with nearly half a billion dollars’ worth of bitcoin gone missing. Currently, Mt. Gox holds approximately 24,411 Bitcoin, valued at $1.94 billion, after liquidating around $9.2 billion worth of the cryptocurrency since mid-2024. The exchange, which was once the largest Bitcoin platform before its collapse due to a major hack in 2014, has extended its deadline to fully repay creditors to October 31, 2025.
Despite concerns regarding potential market disruption, the recent transfers have not caused significant selling pressure, although they continue to attract attention within the crypto community.
Shogun Lin
