Mt. Gox Transfers Over $BTC 1 Billion in Bitcoin to New Wallets
Earlier today, defunct cryptocurrency exchange Mt. Gox executed two significant Bitcoin transactions, moving approximately 11.834 BTC, valued at over $1 billion, to a newly created address. The transaction, identified by Arkham Intelligence and reported by Lookonchain, occurred on March 6 at 00:03:17 (UTC), transferring funds from a Mt. Gox-controlled wallet to address "1Mo1nW5."
Additionally, a second transaction involving 166.5 $BTC (worth over $15 million) was transferred to a BitGo cold wallet, suggesting a structured fund movement. This transaction was executed shortly after the initial billion-dollar transfer.
Mt. Gox Repayment Timeline and Previous Transfers
Since July 2024, creditors of Mt. Gox have been awaiting repayments following the exchange’s infamous 2014 collapse. Initially, the deadline for repayments was set for October 31, 2024, but in October 2024, the firm announced a 12-month delay, pushing the repayment date to October 31, 2025.
Mt. Gox began repayment distributions in July 2024, working alongside Bitstamp and four other entities to facilitate the process. At that time, the exchange transferred approximately $6 billion in Bitcoin as part of its creditor compensation plan.
Background on Mt. Gox
Founded in 2010, Mt. Gox quickly became the largest Bitcoin exchange, at one point processing 70% of global BTC trading. However, in early 2014, the platform suspended withdrawals and ultimately shut down after losing 800,000 BTC due to a major security breach. The company filed for bankruptcy shortly thereafter.
The latest Bitcoin transfers highlight ongoing efforts to manage the remaining funds associated with the exchange’s collapse and creditor repayment obligations.