Mt. Gox Sparks Market Buzz with $1B Bitcoin Transfer to Unmarked Address

Bitcoin Mt Gox

Crypto Reporter

Shalini Nagarajan

Crypto Reporter

Shalini Nagarajan

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Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

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Last updated: 

March 5, 2025

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Bankrupt cryptocurrency exchange Mt. Gox has once again started shifting its Bitcoin holdings, raising questions about its long-term repayment plans.

Data from blockchain analytics firm Arkham Intelligence showed custodians managing Mt. Gox’s assets transferred 11,833.64 BTC—worth over $1b—on Wednesday. The substantial transaction, recorded at block height 886,484, cost $1.64 in fees.

Arkham Data Reveals Exchange’s Wallets Still Hold Over 36,000 BTC

Of the total transferred, 166.5 BTC (about $15m) was sent to a known Mt. Gox cold wallet (1Jbez), while the remaining 11,834 BTC moved to an unidentified wallet (1Mo1n). Data from Arkham Intelligence shows that Mt. Gox-linked entities still hold around 36,080 BTC, valued at about $3.26b.

This marks the first major Bitcoin transaction from the exchange-related wallets in over a month. The last recorded activity involved a minor shuffle of 4 BTC between internal wallets. While the purpose of the latest transfer remains unclear, it follows a pattern of sporadic yet significant Bitcoin movements by Mt. Gox trustees.

Wallet Activity Resurfaces as Crypto Faces Economic Shifts

Mt. Gox, once the world’s largest Bitcoin exchange, collapsed in 2014 after suffering a massive hack that resulted in the loss of 850,000 BTC. The exchange’s bankruptcy proceedings have been ongoing for nearly a decade, with creditors eagerly awaiting reimbursements.

In December, Mt. Gox moved about 1,620 BTC through a series of unknown wallets, just weeks after transferring over 24,000 BTC under similar circumstances. These moves have fueled speculation about whether the exchange is preparing for repayments or restructuring its holdings.

The timing of the latest transfer coincides with a period of high volatility in the crypto market.

Investors have been reacting to macroeconomic shifts, including the implementation of US President Donald Trump’s new trade tariffs on March 4, which have rattled high-risk assets like Bitcoin. The combination of uncertain global economic conditions and large-scale Bitcoin transfers from Mt. Gox has added to market uncertainty.

As creditors wait for clarity, each movement of the exchange’s holdings continues to capture the attention of the crypto community.