Mt. Gox, the Japanese crypto exchange that went bankrupt in 2014 after a massive hack, has made its third major Bitcoin transaction this month, shifting over $1 billion in Bitcoin. On March 25, the exchange transferred 11,501 BTC to two different wallets. Of these, 893 BTC, worth approximately $78 million, went to the Mt. Gox cold wallet “1Jbez,” while 10,608 BTC, valued at about $929 million, was sent to another wallet, the Mt. Gox change wallet “1DcoA.” This follows two other major Bitcoin transfers by Mt. Gox earlier this month—one on March 6 when it moved 12,000 BTC worth over $1 billion, and another on March 11 when it transferred 11,833 BTC.
The recent Bitcoin shuffling has raised speculation that it could be linked to creditor payouts, as Mt. Gox has been distributing Bitcoin to creditors since 2024. After Mt. Gox lost 850,000 BTC in a hack, it entered bankruptcy in 2014, leaving creditors waiting for repayment. In 2024, the exchange began repaying creditors, but the process has been slow. The final payout date for creditors was extended in October 2024 to Oct. 31, 2025, due to the ongoing verification process for claimants.
Despite the size of these recent transactions, there has been no significant impact on the price of Bitcoin, which had been the case in the past when large transfers sparked concerns about sell-offs. This time, however, Bitcoin’s market price has remained stable, and there has been no immediate panic over the transfers.
Blockchain analytics firm Spot On Chain also noted that some of the earlier transfers this month had ended up on the Bitstamp exchange. This has led to speculation that the Bitcoin sent to the warm wallet might soon be moved again, potentially as part of the payout process for creditors. However, no clear explanation has been provided for these transactions.
Mt. Gox still holds a large stash of Bitcoin, about 35,000 BTC worth around $3.1 billion, which has remained largely unchanged since March 12. These movements, while significant, have not caused the market volatility that Mt. Gox transfers once did. Creditors are still awaiting their full repayment, and some have already received partial payouts. The situation remains fluid, with no clear timeline for the complete distribution of the exchange’s assets. The ongoing process and the most recent transfers have only deepened speculation about the upcoming payouts and the eventual conclusion of Mt. Gox’s long-running bankruptcy proceedings.
