Mt. Gox Transfers $930M in Bitcoin Amid Market Downturn

Mt. Gox, once a dominant player in the cryptocurrency exchange market, has recently transferred over $930 million worth of Bitcoin to an unmarked wallet. This significant movement of funds occurred amidst a downturn in the Bitcoin market, with prices falling to a four-month low. The transfer, which took place around 8:15 p.m. ET, involved 11,833 Bitcoins. The majority of these coins, 11,501 BTC, were sent to an unmarked wallet address, while the remaining 332 BTC were directed to Mt. Gox’s warm wallet. This transfer follows a previous movement of 12,000 BTC worth over $1 billion on March 6.

The timing of this latest transfer coincides with Bitcoin’s brief fall to $76,700, marking a 1.6% decline over 24 hours. Despite this drop, Bitcoin has since recovered some of its losses, trading at $81,332. As of now, Mt. Gox-linked entities retain ownership of roughly 35,915 Bitcoins across several wallets, valued at approximately $2.9 billion at current market prices.

Mt. Gox, launched in 2010, was once the largest Bitcoin exchange, handling around 70% of all Bitcoin trades worldwide in 2013. However, the exchange went under in early 2014 after being hacked for approximately 850,000 BTC, which forced the exchange to declare bankruptcy. At the time, 850,000 BTC was equivalent to around 7% of all Bitcoin in circulation. This event significantly impacted market sentiment, and news about Mt. Gox creditor repayment has historically swayed market sentiment.

Several creditors have received repayments through established crypto exchanges. The trustee in charge of the bankrupt exchange’s Bitcoin stash extended the repayment deadline to Oct. 31, 2025. The repayment process represents one of the crypto industry’s longest-running recovery efforts. The recent transfer of funds by Mt. Gox highlights the ongoing efforts to repay creditors and the potential impact on the Bitcoin market.