Mt. Gox, the cryptocurrency exchange that filed for bankruptcy after a massive hack in 2014, moved 11,501 Bitcoin, worth around $905 million, to an unmarked wallet on March 11, 2025.
Mt. Gox, the cryptocurrency exchange that filed for bankruptcy after a massive hack in 2014, moved 11,501 Bitcoin, worth around $905 million, to an unmarked wallet on March 11, 2025. The transaction took place at 12:15 a.m. UTC, with most of the Bitcoin going to the unidentified wallet starting with "1Pazv…R9pYj." A smaller portion of 332 BTC was sent to the exchange’s warm wallet, both of which remain unspent.
The transfer followed a $1.07 billion Bitcoin move to a wallet beginning with "1Mo1n" last week. Initially, the "1Mo1n" address wasn’t labeled as a Mt. Gox wallet, but this recent movement suggests it’s now associated with the exchange. Mt. Gox still controls over 35,915 Bitcoin, valued at $2.8 billion, according to data from Arkham Intelligence. The exchange has been using these funds to repay creditors affected by the 2014 hack, which led to the loss of around 850,000 BTC.
In July 2024, Mt. Gox began repaying creditors, with payments coming from its holdings of Bitcoin, Bitcoin Cash, and Japanese yen. However, the repayment deadline was extended to October 2025. Although Bitcoin movements have traditionally been linked to creditor distributions, the purpose of this specific transfer remains unclear, and it is uncertain whether it marks the beginning of further distributions.
These recent transactions have raised speculation about the possible impact on Bitcoin’s price. When Mt. Gox distributes funds to creditors, it could create selling pressure, which might influence market conditions. Bitcoin’s price has been unstable, with some experts predicting that it could drop to as low as $75,000 amid ongoing market fluctuations.
Mt. Gox was once the largest Bitcoin exchange globally, handling 70% of all Bitcoin trades by 2013. However, following its 2014 hack, it filed for bankruptcy and began the long process of returning funds to creditors. While it has been repaying its creditors, some still haven’t received compensation. With over $2.8 billion in Bitcoin still in its possession, Mt. Gox’s actions will likely continue to affect the market and raise questions about the future distribution of these assets.
As the exchange works toward fulfilling its repayment obligations, the upcoming movements of these assets could play a critical role in determining Bitcoin’s market trajectory. The current state of Mt. Gox's holdings and its potential distribution remains a closely watched issue in the cryptocurrency world.
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