Mt. Gox Moves $931M in Bitcoin, Market on Edge
1min read A significant Bitcoin transfer from the defunct Mt. Gox exchange has captured the attention of the cryptocurrency community. The transfer, which involved 11,833.64 BTC worth approximately $931 million, was executed in two parts. The first part, consisting of 11,501.58 BTC valued at around $905 million, was moved to an unmarked wallet. The second part, involving 332 BTC worth nearly $26.1 million, was sent to a warm wallet. This transaction, recorded at 8:15 p.m. ET, was identified through on-chain data provided by Arkham Intelligence. Notably, the coins involved in this transfer have not been liquidated, suggesting that they may be part of the ongoing repayment process to creditors affected by the Mt. Gox hack.
Mt. Gox, once a leading cryptocurrency exchange, faced a catastrophic hack in 2014, resulting in the loss of nearly 800,000 BTC. The exchange filed for bankruptcy shortly after and has been navigating a protracted bankruptcy process ever since. The repayment of creditors, initially scheduled to be completed by 2024, has been extended to October 31, 2025. As of the latest data, Mt. Gox still holds around 35,915 BTC, valued at approximately $2.85 billion, across its wallets. The exchange began repaying creditors in July 2024, with holdings that included 142,000 BTC worth $11 billion, 143,000 Bitcoin Cash worth $47 million, and 69 billion Japanese yen worth $469 million.
The recent transfer of 11,833.64 BTC has raised concerns about potential market volatility. Bitcoin's price has been fluctuating, briefly dropping below $80,000 before rebounding. The uncertainty surrounding Mt. Gox's repayment process and the potential for large-scale liquidations has investors on edge. The crypto market has been experiencing rough days, with macroeconomic pressures adding to the volatility. The transfer of such a significant amount of Bitcoin from Mt. Gox's wallets could increase selling pressure, exacerbating the current bearish market conditions. Investors are advised to stay 
