Mt. Gox Transfers 11,833 BTC, Bitcoin Drops 2.4%

Mt. Gox, the defunct cryptocurrency exchange, has made a significant move in its repayment process by transferring 11,833 Bitcoin (BTC) valued at over $930 million on March 11, 2025. This transfer follows a similar move made just days earlier, indicating the exchange's growing urgency to repay its creditors. Most of the transferred Bitcoin—11,501 BTC—was moved to a new wallet, while the remaining 332 BTC were sent to a warm wallet to facilitate upcoming repayment transactions.

This large-scale transfer has sparked concerns about potential sell-offs and their impact on Bitcoin prices. The market responded with a 2.4% decrease in Bitcoin's price, reaching $76,784 in the 30-minute window around the transfer. However, the market soon stabilized, with Bitcoin recovering to approximately $79,275 shortly thereafter. Market analysts have encouraged investors to stay calm, noting that Bitcoin may still experience lows of around $70,000 due to continued market pressures but remain hopeful for its long-term future.

After this recent transfer, Mt. Gox’s overall holdings in Bitcoin stand at 24,411 BTC, worth around $1.94 billion. The exchange started selling off its Bitcoin holdings in June 2024 as part of its plan to repay creditors. Initially, Mt. Gox had more than $9.2 billion in Bitcoin against creditor claims. The exchange has been selling these assets in small portions to pay off debts incurred by its failure.

Mt. Gox’s collapse can be traced back to a massive hacking attack in 2014, in which about 850,000 BTC were lost. This event prompted the exchange to file for bankruptcy and set off years of litigation and restructuring. In an attempt to satisfy the outstanding creditor claims, Mt. Gox delayed its repayment in October 2024. The exchange is currently targeting completion of all the creditor payouts by October 31, 2025. This extension is aimed at offering clearer terms and more assurance to the waiting creditors, who have been waiting for over a decade now.

Mt. Gox’s recent sell-offs of Bitcoin are a key component of its overall strategy