The defunct crypto exchange Mt. Gox recently made headlines again, moving a staggering $930 million worth of Bitcoin as of March 11. This marks the second significant transfer within a week, and it coincides with the cryptocurrency’s recent price drop to a four-month low. In total, 11,833 Bitcoin (BTC) were shifted, comprising 11,501 BTC valued at approximately $905.1 million, sent to a new wallet. The remaining 332 BTC, worth $26.1 million, were transferred into a warm wallet, according to blockchain analytics firm Lookonchain.
This latest transfer took place less than a week after Mt. Gox executed another massive move, transferring 12,000 BTC worth over $1 billion on March 6. Of those funds, $15 million was directed to BitGo, one of the custodians overseeing the repayments to Mt. Gox’s creditors.
Interestingly, the timing of these transactions coincided with a 2.4% decline in Bitcoin’s price, which dipped to $76,784 in a mere 30 minutes. This drop represents a retreat to levels last seen in November 2022, during a period of market volatility linked to political events, including the U.S. presidential election. However, Bitcoin managed to recover shortly after, reaching $79,275.
As these transfers unfold, market analysts, including Maelstrom’s chief investment officer Arthur Hayes, have expressed caution. In a post on March 11, Hayes advised investors to “be patient,” predicting that Bitcoin could hit a bottom around the $70,000 threshold.
Currently, Mt. Gox holds just 24,411 BTC, or about $1.94 billion in its main wallets. This is a substantial decrease from the $9.2 billion worth it started offloading in June 2024. The exchange previously extended its deadline to repay creditors until October 31, 2025, indicating that many investors are still awaiting the resolution of this lengthy bankruptcy process.
Notably, Mt. Gox once dominated the Bitcoin exchange market between 2010 and 2014, handling around 70-80% of Bitcoin trades before its collapse due to a major hack in which 850,000 BTC were stolen.
