Mt. Gox Moves Nearly $1B in Bitcoin

Defunct crypto exchange Mt. Gox has moved nearly $1 billion worth of Bitcoin, marking its second large BTC transfer in less than a week. The move coincided with Bitcoin’s price dropping to a four-month low on March 11.

According to blockchain analytics firm Lookonchain, citing Arkham Intelligence data, Mt. Gox transferred 11,833 BTC, valued at $931 million.

🔹 11,501 BTC ($905.1M) was sent to a new wallet
🔹 332 BTC ($26.1M) was transferred to a warm wallet
🔹 Transaction fee: Just $2.13

Second Billion-Dollar BTC Move in a Week

This latest transaction follows a March 6 transfer of 12,000 BTC, worth over $1 billion, where $15 million was sent to BitGo, a custodian handling creditor repayments.

Blockchain analytics firm Spot On Chain suggests that the 332 BTC sent to the warm wallet may also be used for creditor payouts.

BTC Price Drops as Mt. Gox Moves Funds

Bitcoin’s price fell 2.4% to $76,784 within 30 minutes following the transfer, according to CoinGecko data.

This drop mirrors BTC’s price levels from November 2024, when the market was rallying after Donald Trump’s election win.

However, Bitcoin quickly rebounded to $79,275, prompting Maelstrom CIO Arthur Hayes to advise investors to “be f*ing patient,” predicting a bottom around $70,000.

Mt. Gox Bitcoin Reserves Shrinking

With this latest move, Mt. Gox’s wallets now hold just 24,411 BTC—worth $1.94 billion—after offloading approximately $9.2 billion in Bitcoin since June 2024, according to Spot On Chain data.

Creditor Repayments Expected by Late 2025

Last October, Mt. Gox extended its deadline for creditor repayments, committing to fully settle outstanding claims by October 31, 2025.

Once the largest Bitcoin exchange, handling 70-80% of global BTC trades, Mt. Gox collapsed in 2014 following a hack that stole up to 850,000 BTC.

Now, with billions in BTC still being moved, the crypto market is watching closely for further price reactions.