Mt. Gox Executes Significant Bitcoin Transfer Amid Market Volatility

Highlights:

• Mt. Gox has transferred 11,834 BTC worth $910 million to two destinations.
• The collapsed exchange moved most of the tokens to a new wallet while the remaining were shifted to a warm wallet.
• Market participants have raised concerns about further price declines after the tokens’ transfer.

Tokyo-based defunct crypto exchange Mt. Gox is making headlines again after moving a significant amount of Bitcoin to new addresses. On-chain crypto transactions tracker Spotonchain spotted the transactions, which it reported on its verified handle.

According to Spotonchain, the defunct exchange transferred 11,834 BTC worth $910 million. It moved 11,502 BTC, valued at about $885 million, to a new wallet. The remaining 332 BTC, worth $25.5 million, landed in a warm wallet. After these transfers, Mt. Gox’s main wallet still holds 24,411 BTC worth roughly $1.94 billion.

Before today’s transfer, Mt. Gox triggered a similar transfer on March 6, 2025. Spotonchain also tracked the transfer and revealed that the collapsed exchange moved 11,834 BTC valued at about $1.07 billion to a new wallet.

A few days after the March 6 transaction, Mt. Gox sent 166.5 BTC to BitGo, an exchange aiding creditors’ payout. Spotonchain suggested that the 332 BTC in the warm wallet could be sent out soon, much like the 166.5 BTC sent to BitGo.

Mt. Gox just moved 11,834 $BTC ($910M) again!

This includes 11,502 $BTC ($885M) to a new wallet and 332 $BTC ($25.5M) to a warm wallet.

Notably, after Mt. Gox’s last major $BTC transfer 5 days ago, 166.5 $BTC was sent to #BitGo, likely for creditor repayment. The above 332 $BTC… https://t.co/Z8aBBFFERl pic.twitter.com/weXzYsT9GY

— Spot On Chain (@spotonchain) March 11, 2025

Mt.Gox Latest Transfer Happened Amid a Severe Crypto Market Crash

Though both transfers moved 11,834 BTC, today’s transfer was worth $910 million, significantly less than the $1.07 billion recorded on March 6. The drop in valuation reflected a sharp market dip as today’s transfer coincided with BTC plummeting around $76,000 while Ethereum dropped to $1,800.

Meanwhile, the crypto market has slightly retraced from earlier slumps. The total crypto market is down 4.2% in the past 24 hours, with a $2.69 trillion market capitalization. Bitcoin is trading slightly above $80,000. In the last 24 hours, Bitcoin minimum and maximum prices oscillated between $76,784.16 and $83,627.07, respectively. BTC’s market capitalization has dropped to about $1.6 trillion, while its 24-hour trading volume is $57.25 billion.

On the other hand, Ethereum’s 9.6% drop has left it struggling at $1,900. Its market capitalization dropped from over $300 billion to about $231.24 billion. Despite the declines, Ethereum’s 24-hour trading volume is up 58.29%, boasting a $39.83 billion valuation.

Even with the slight market recovery, market participants worry the transfer could negatively impact Bitcoin’s price. Many blame the move for Bitcoin’s earlier dip, while others expect more price swings ahead. Last year, Bitcoin suffered significant declines when the German government and Mt. Gox moved substantial Bitcoin holdings. However, Bitcoin has remained steady today with slight recovery attempts.

Mt. Gox Token Reimbursement History

Between 2010 and 2014, Mt. Gox was one of the largest exchanges, holding about 70 – 80% of Bitcoin trades. The exchange collapsed following a sophisticated hack that saw it forfeit 850,000 BTC. Considering Mt. Gox’s history, traders suspect the transfers tie into creditor repayments or internal moves. Meanwhile, Mt. Gox declared bankruptcy in 2014. After several legal back-and-forths, the exchange began repaying creditors in July 2024.

🚨 ALERT 🚨

MT. GOX MOVED $930 MILLION IN
BITCOIN. THEY MOVED $905M TO
UNKNOWN WALLET AND $26.13
MILLION TO A WARM WALLET.

PREPARE FOR VOLATILITY pic.twitter.com/0jrSCYpzhG

— Ash Crypto (@Ashcryptoreal) March 11, 2025

The initial deadline to conclude the reimbursement exercise was October 31, 2024. However, it was postponed to October 31, 2025, citing the need to streamline the procedures. The extension meant that investors yet to receive their reimbursement would have waited about eleven years before receiving their funds. Hence, it explains why creditors are growing frustrated with the reimbursement procedures.