Mt. Gox Moves $900M in Bitcoin Again
Mt. Gox Executes Second Major Bitcoin Transfer
The defunct cryptocurrency exchange, Mt. Gox, has once again moved a significant amount of Bitcoin, marking the second large transaction within a week. This time, 11,833 BTC, valued at approximately $931 million, were transferred. The bulk (11,501 BTC or $905.1 million) went to a new wallet, with the remaining 332 BTC ($26.1 million) moving to a warm wallet, according to blockchain analytics firm Lookonchain, citing Arkham Intelligence data.
This transfer follows a similar move last week, where Mt. Gox moved 12,000 Bitcoin, worth over $1 billion. A portion of these funds ($15 million) was sent to BitGo, a custodian assisting with creditor repayments. The recent transfer of 332 BTC to a warm wallet may also be destined for the same purpose.
Impact on Bitcoin Price and Market Sentiment
The transfers coincided with a temporary dip in the Bitcoin price, falling 2.4% to $76,784 in 30 minutes. While Bitcoin recovered shortly after, the event highlights the ongoing impact of Mt. Gox's actions on market volatility. Arthur Hayes, Maelstrom's CIO, advised investors to remain patient, predicting a Bitcoin bottom around $70,000.
Mt. Gox's Remaining Holdings and Creditor Repayments
After this latest transfer, Mt. Gox's main wallets hold approximately 24,411 BTC ($1.94 billion). The exchange began offloading Bitcoin in June 2024, having initially held a much larger amount estimated to be around $9.2 billion worth of Bitcoin. Mt. Gox has extended its creditor repayment deadline to October 31, 2025.
About Mt. Gox
Mt. Gox was once the world's largest Bitcoin exchange, handling 70-80% of all Bitcoin trades. However, its history includes a devastating hack in 2014, resulting in the loss of approximately 850,000 BTC.
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