Mt. Gox Revives: $1B Bitcoin Move Amidst Market Volatility
1min read Bankrupt crypto exchange Mt. Gox has resumed Bitcoin transactions, moving 12,000 BTC worth over $1 billion amidst market volatility. Arkham Intelligence alerted users on March 6 that the Mt. Gox wallet (1PuQB) had initiated the transfer, with the transaction costing $1.64 in fees.
In this transaction, 166.5 BTC, valued at around $15 million, was sent to the Mt. Gox cold wallet (1Jbez). The remaining assets were moved to an unidentified wallet (1Mo1n), which now holds a balance of 11,834 BTC. Mt. Gox-linked entities currently hold 36,080 BTC worth around $3.26 billion, according to Arkham data.
This is the first significant Bitcoin transaction from Mt. Gox-linked wallets in a month, following a 4 BTC shuffle between cold wallets. The purpose of this latest transaction remains unclear. In December, Mt. Gox moved around 1,620 Bitcoin through a series of unknown wallets, and over 24,000 BTC in November.
The exchange fell into bankruptcy in early 2014, and past movements of its Bitcoin holdings have been followed by creditor payouts. Last October, the trustee in charge of the bankrupt exchange’s Bitcoin stash pushed the deadline for creditor repayments by a full year, to Oct. 31, 2025.
This week's market volatility has been driven by geopolitical events, with Bitcoin prices fluctuating in response to US President Donald Trump's trade tariffs. Bitcoin prices have seesawed, reaching a high of $94,770 on March 3, a low of $82,681 on March 4, and reclaiming $90,000 on March 5. At the time of writing, Bitcoin was trading at $90,162, having gained around 4% over the past 24 hours.
