The long-defunct cryptocurrency exchange Mt. Gox has executed another significant transfer of Bitcoin, moving a total of 11,501 BTC in its third major transaction in less than a month. The transfer, worth over $1 billion at current market prices, is fueling speculation that creditor repayments may soon be underway.
ARKHAM ALERT: MT GOX MOVING $1B $BTC
893 BTC were moved to Mt. Gox Hot Wallet [1Jbez] and 10608 BTC were moved to change wallet 1DcoA. pic.twitter.com/akr3hqSasD
— Arkham (@arkham) March 25, 2025
On March 25, blockchain analytics firm Arkham Intelligence reported on X that Mt. Gox had moved:
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893 BTC (approximately $78 million) to its cold wallet (address: 1Jbez)
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10,608 BTC (around $929 million) to a separate wallet, known as the change wallet (1DcoA)
This latest activity follows two earlier transfers:
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March 6: 12,000 BTC moved (worth over $1 billion)
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March 11: 11,833 BTC transferred
Funds May Be Moving to Exchanges
According to blockchain analytics platform Spot On Chain, one of Mt. Gox’s earlier Bitcoin transfers this month eventually reached the cryptocurrency exchange Bitstamp, raising further speculation that preparations for creditor payouts are in progress.
[ATTENTION] Mt. Gox just moved 11,501.4 $BTC ($1B) again!
This includes 10,608 $BTC ($929.7M) sent to a new wallet and 893.4 $BTC ($78.3M) to a warm wallet.
Notably, after Mt. Gox’s previous transfer, 332 $BTC ($25.5M) was deposited into #Bitstamp. It is likely the 893.4 $BTC… https://t.co/8HryhiHSoT pic.twitter.com/NBQtcWSREJ
— Spot On Chain (@spotonchain) March 25, 2025
Spot On Chain also noted that the 893 BTC sent to the warm wallet is likely to be moved again soon, potentially to another exchange or payout-related address.
Arkham’s data indicates that Mt. Gox still holds approximately 35,000 BTC, valued at roughly $3.1 billion, across various wallets under its control.
Are Creditor Payouts Near?
The recent activity has led many in the crypto community to believe that creditor distributions are imminent. Under the current repayment plan, creditors can opt to receive their compensation in Bitcoin.
A Reddit poll conducted in July 2024, following the exchange’s first batch of payouts, showed that most creditors were not in a rush to sell their Bitcoin once received—indicating a possible delay in any market impact from the eventual repayments.
A Look Back: One of Crypto’s Largest Collapses
Mt. Gox filed for bankruptcy in February 2014 after a devastating hack led to the loss of 850,000 BTC, one of the largest security breaches in crypto history. At its peak, Mt. Gox processed 70–80% of all global Bitcoin trades, making it the dominant exchange at the time.
Following its collapse, a Tokyo court appointed a trustee to oversee the bankruptcy proceedings and distribute the remaining assets to creditors. However, the process has been plagued by delays and procedural complexities.
In October 2023, the trustee extended the final repayment deadline by a full year to October 31, 2025, citing that many creditors had yet to complete necessary documentation to receive their repayments.
Past Movements and Market Impact
This isn’t the first time Mt. Gox has executed a major Bitcoin transfer. In December 2023, the exchange moved over 24,000 BTC, worth nearly $2.5 billion, to an unidentified address shortly after Bitcoin crossed the $100,000 mark.
While the recent transfers haven’t yet caused significant price movements, they are closely watched by traders and investors who fear that large-scale selling by creditors could trigger downward pressure on Bitcoin’s price.
With over $3 billion still in the Mt. Gox estate, further transfers are likely, and the crypto community remains on high alert as the long-awaited repayment process inches closer to reality.
