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Bankrupt crypto exchange Mt. Gox has once again shifted a massive amount of Bitcoin, marking its third major transaction in less than a month. On March 25, blockchain analytics firm Arkham Intelligence reported that the defunct Japanese exchange transferred 11,501 BTC, worth approximately $1 billion at current prices, across two wallets.
According to Arkham, 893 BTC (roughly $78 million) were sent to the exchange’s cold wallet (1Jbez), while the remaining 10,608 BTC (around $929 million) were transferred to a change wallet (1DcoA). The move follows two previous large-scale transfers earlier this month: 12,000 BTC on March 6 and 11,833 BTC on March 11—both totaling over $1 billion each.
Blockchain platform Spot On Chain noted that one of the earlier transfers ended up on Bitstamp, sparking speculation that the latest 893 BTC sent to the warm wallet could soon be moved to an exchange as well.
Bitcoin Payouts Could Be Imminent
The latest movements have reignited speculation about creditor payouts, which have been long overdue. Mt. Gox still holds approximately 35,000 BTC, valued at around $3.1 billion, across its wallets. With these recent transactions, many believe the exchange could be preparing to distribute Bitcoin repayments to its creditors.
Creditors have the option to receive their compensation in Bitcoin, and despite fears of a market dump, a July 2024 Reddit poll revealed that most creditors were not in a hurry to sell their BTC payouts. This suggests that even if payouts commence, a sudden wave of sell-offs may not be inevitable.
A Decade-Long Fallout
Mt. Gox, once the largest Bitcoin exchange, handling up to 80% of global BTC trades, filed for bankruptcy in 2014 after falling victim to a massive hack that resulted in the loss of 850,000 BTC. In the aftermath, a Tokyo court appointed a trustee to oversee the bankruptcy proceedings and handle creditor compensation.
However, the payout process has faced numerous delays. In October 2023, the trustee extended the repayment deadline by another year to October 31, 2025, citing incomplete procedures from many creditors.
The exchange’s latest large-scale transfers, combined with its December 2023 move of 24,000 BTC worth $2.5 billion, have kept the crypto community on edge.
