Defunct cryptocurrency exchange Mt. Gox has transferred nearly $1 billion in Bitcoin (BTC) during its second large-scale transaction within a week, coinciding with a significant drop in Bitcoin’s price to a four-month low on March 11.
According to blockchain analytics firm Lookonchain, which cited data from Arkham Intelligence, Mt. Gox recently transferred 11,833 BTC, valued at approximately $931.2 million at the time of the transaction. Most of this amount, 11,501 BTC (around $905.1 million), was sent to a newly created wallet, while a smaller portion of 332 BTC (valued at $26.1 million) was directed to a warm wallet. This transfer follows a similar transaction on March 6, when the exchange moved 12,000 BTC worth over $1 billion.
Arkham Intelligence previously noted that $15 million from the March 6 transaction was sent to BitGo, one of the custodians handling repayments for Mt. Gox creditors. Meanwhile, Spot On Chain analysts suggest the latest 332 BTC transfer to the warm wallet may also be related to creditor repayments.
The latest movement coincided with a rapid 2.4% drop in Bitcoin’s price, falling to $76,784 within 30 minutes, according to CoinGecko data. The price later rebounded to $79,275, but the dip brought BTC back to levels last seen in November 2023, when markets were rallying amid the U.S. presidential election cycle.
Arthur Hayes, the chief investment officer of Maelstrom, commented on the market reaction, urging investors to be patient in a post on X. He predicted that Bitcoin could bottom around $70,000.
Mt. Gox now holds approximately 24,411 BTC—worth $1.94 billion—after gradually offloading assets since June 2024, according to Spot OnChain data. The exchange collapsed in 2014 after losing over 800,000 BTC and has undergone a lengthy bankruptcy process. While some creditors have received cash repayments, many still await BTC payouts. The repayment deadline was previously extended to October 31, 2025, potentially delaying further liquidation events.
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