Blockchain analysts have detected a massive Bitcoin transaction linked to the long-defunct cryptocurrency exchange Mt. Gox. According to Lookonchain, an address associated with Mt. Gox recently moved a significant sum of Bitcoin, raising speculation about the ongoing repayment process to creditors.
The transfer occurred as Bitcoin’s price experienced a sharp drop, reaching its lowest level in four months due to growing market uncertainty, including concerns over inflation and heightened trade tensions.
At approximately 8:15 p.m. ET on March 11, Mt. Gox initiated a transfer of 11,833 BTC, valued at approximately $931.19 million at the time. Of that amount, 11,501 BTC was sent to an unidentified wallet, while the remaining 332 BTC was directed to Mt. Gox’s warm wallet. This move comes just days after a previous transaction on March 6, in which 12,000 BTC—valued at over $1 billion—was similarly relocated.
The timing of these transactions coincided with Bitcoin briefly dropping to $76,700, marking a 1.6% decline within 24 hours. However, the market showed resilience, with Bitcoin rebounding to $81,332, according to data from CoinGecko.
Currently, Mt. Gox-linked entities still control around 35,915 BTC spread across various wallets, with an estimated total value of $2.9 billion at present market prices.
Originally launched in 2010, Mt. Gox once dominated the Bitcoin exchange landscape, handling approximately 70% of all Bitcoin transactions globally by 2013. However, in early 2014, the Tokyo-based exchange collapsed following a catastrophic hack that resulted in the loss of approximately 850,000 BTC. The breach forced Mt. Gox into bankruptcy and left thousands of creditors in limbo.
At the time of the hack, the stolen Bitcoin represented around 7% of the total Bitcoin supply, making the incident one of the most significant losses in cryptocurrency history. Given its impact, any news regarding Mt. Gox’s repayment process has historically influenced market sentiment.
While some creditors have received repayments through major cryptocurrency exchanges such as Kraken and Bitstamp, the trustee overseeing Mt. Gox’s remaining assets has extended the repayment deadline to October 31, 2025. The ongoing reimbursement process marks one of the longest-running recovery efforts in the history of the crypto industry.
By Alejandro Silva Ramírez, Crypto Analyst & Columnist