By Chris Hollingworth 
Bankrupt cryptocurrency exchange Mt. Gox has recently conducted its third significant transaction within a month, transferring a total of 11,501 Bitcoin. On March 25, blockchain analytics firm Arkham Intelligence brought attention to this movement, reporting that Mt. Gox had sent 893 Bitcoin, valued at approximately $78 million, to its cold wallet (1Jbez), and another 10,608 Bitcoin, worth about $929 million, to a separate wallet known as the Mt. Gox change wallet (1DcoA).
This latest transfer follows previous transactions where Mt. Gox moved 12,000 Bitcoin, totaling over $1 billion, on March 6, and another 11,833 Bitcoin on March 11. According to blockchain analytics platform Spot On Chain, one of the transfers earlier in the month ended up at the crypto exchange Bitstamp. Spot On Chain also speculates that the 893 Bitcoin sent to the warm wallet may be moved out shortly.
Arkham data indicates that Mt. Gox still retains around 35,000 Bitcoin, valued at $3.1 billion, spread across wallets under its control. The community speculates that these significant movements could potentially signal impending creditor payouts. Notably, creditors have the option to receive their repayments in Bitcoin, as revealed in a July 2024 Reddit poll following the exchange’s initial payout, where creditors indicated a reluctance to sell their Bitcoin payouts.
Mt. Gox faced bankruptcy in early 2014 after experiencing a massive loss of 850,000 Bitcoin in a major crypto hack. Prior to this incident, Mt. Gox was a dominant force in the Bitcoin exchange market, facilitating a substantial percentage of trades. Following the bankruptcy, a Tokyo court appointed a trustee to oversee the proceedings and compensate creditors using the exchange’s remaining assets.
In a related development, the trustee managing Mt. Gox’s Bitcoin holdings extended the repayment deadline to October 31, 2025, citing delays caused by some creditors not completing the necessary procedures to receive their repayments. Last December, Mt. Gox made a transfer of over 24,000 Bitcoin, valued at nearly $2.5 billion, to an undisclosed address following a surge in the cryptocurrency’s value to $100,000.
This ongoing saga involving Mt. Gox underscores the complexities and challenges faced by stakeholders in the cryptocurrency space, particularly in cases of significant hacks and subsequent legal proceedings. Stay tuned for further updates on this evolving situation.
Source: Arkham Intelligence, Spot On Chain
