The long-dormant Mt. Gox exchange has once again moved a significant amount of Bitcoin, but this time, the market has barely reacted. At the time of writing, Bitcoin remained above $91,400, showing resilience despite the massive transfer.
According to data from market intelligence platform Arkham, a wallet linked to Mt. Gox, labeled 1PuQB, transferred 11,834 BTC—approximately $1.07 billion—to an unknown address tagged 1Mo1nW. The transaction took place around 03:17 UTC on March 6. Additionally, the defunct exchange sent another 166.5 BTC, valued at $15.12 million, to its cold wallet labeled 1Jbez.
This is not the first time Mt. Gox has executed a transfer of this magnitude. In December 2024, the exchange moved 27,871 BTC—worth approximately $2.8 billion at the time—to an unidentified address. Since then, several transactions have occurred, but none as large as the latest one. On December 19, the bankrupt firm transferred $100 million worth of Bitcoin to three separate addresses, followed by another $89 million on December 23. The last recorded transfer before this recent one took place on January 30, amounting to $420,000.
Historically, substantial Bitcoin movements from Mt. Gox wallets have fueled bearish sentiment, as traders anticipate potential sell-offs that could drive prices down. However, this time, Bitcoin has shown minimal reaction, despite facing resistance near $93,000. The cryptocurrency has managed to maintain its position above $91,000, defying expectations of a sharper decline.
The ongoing transfers are part of Mt. Gox’s creditor repayment plan. Once the world’s largest Bitcoin exchange, Mt. Gox suffered devastating losses over a decade ago after a series of cyberattacks resulted in the disappearance of approximately 950,000 BTC from its platform.
In July 2024, the Mt. Gox trustee began distributing repayments in Bitcoin and Bitcoin Cash (BCH), with an initial deadline set for October 2024. However, due to various delays—including incomplete procedures from multiple creditors—the deadline was extended to October 2025. Additionally, the exchange cited a system error that led to duplicate deposits for some creditors, further complicating the repayment process.
So far, approximately 17,000 creditors have received their repayments, with more expected to be compensated in the coming months. Despite the significant transactions, Bitcoin’s stability suggests that the market has already priced in these repayments, or that recipients are choosing to hold rather than sell their Bitcoin.
As the repayment process continues, market participants will be watching closely for any signs of increased selling pressure. However, Bitcoin’s current resilience indicates that the impact of these transfers may be far less disruptive than previously anticipated.
By Alejandro Silva Ramírez, Crypto Analyst & Columnist