Mt. Gox Moves $930M in Bitcoin as Repayments Near Deadline
Mt. Gox has moved 11,833 Bitcoin (BTC), worth approximately $930 million, for the second time in a week.
The exchange is working towards repaying creditors with a deadline of October 31, 2025.
According to Lookonchain, which cited data from Arkham Intelligence, Mt. Gox:
Sent 11,501 BTC ($905.1M) to a new wallet
Sent 332 BTC ($26.1M) to a warm wallet, possibly for creditor repayments
This is the second big transfer in a week after March 6 when Mt. Gox moved 12,000 BTC worth over $1 billion. At that time $15M was sent to BitGo, a custodian for creditor repayments.
https://twitter.com/CKPillai_AI_Pro/status/1899332199901450639
Bitcoin Dips Amid Mt. Gox’s Transactions
Immediately after the latest Mt. Gox transfer, Bitcoin price dropped 2.4% to $76,784 in 30 minutes, lowest since November 2024 when the US election rally was on.
Bitcoin recovered to $79,275 but some are still cautious. Arthur Hayes, CIO of Maelstrom advised in a March 11 X post to “be patient” and that Bitcoin might bottom out at $70,000 before rallying.
Mt. Gox Wallet Holdings Shrink Further
Mt. Gox’s Bitcoin reserves are decreasing as it prepares for repayments. Spot On Chain reports that Mt. Gox now holds 24,411 BTC ($1.94 billion) down from $9.2 billion in June 2024.
Key facts about Mt. Gox’s repayment plan:
Creditors are set to receive funds by October 31, 2025
The exchange lost 850,000 BTC in its infamous 2014 hack
Once the largest Bitcoin exchange, it handled 70-80% of BTC trades before its collapse
Mt. Gox makes second $900M+ move in a week as Bitcoin taps $76K pic.twitter.com/2FxIgAD747
— The Global Current (@360_Globalnews) March 11, 2025
The ongoing liquidation of Mt. Gox’s Bitcoin reserves could introduce further market volatility, but analysts suggest that long-term demand remains strong, with institutional investors absorbing excess supply.
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