The bankrupt cryptocurrency exchange Mt. Gox has once again moved a significant amount of Bitcoin—11,501 BTC, worth approximately $1.01 billion—on March 25.
Third Major Transaction in March
Blockchain analytics firm Arkham Intelligence was the first to notice the movement, reporting that 893 BTC was sent to a new address, while 10,608 BTC was transferred to another wallet controlled by Mt. Gox. Additionally, a small amount of 0.000017 BTC was sent to Kraken, likely as a test transaction.
History and Collapse of Mt. Gox
Once the world’s largest Bitcoin trading platform, Mt. Gox collapsed in 2014 after losing approximately 850,000 BTC due to a prolonged security breach. Ongoing legal disputes have delayed creditor repayments. Last year, the exchange extended its repayment deadline from October 31, 2024, to October 31, 2025, citing processing and verification issues.
Market Reaction and Future Steps
Despite concerns that large Bitcoin transfers from Mt. Gox could impact the market, the recent movements seem to have had minimal effect. As of March 25, Bitcoin remains strong, trading at around $86,500 after rebounding from a seven-day low of $81,259. Meanwhile, Arkham Intelligence data shows that Mt. Gox still holds roughly 35,000 BTC, valued at approximately $3.08 billion.
Mt. Gox's Bitcoin movements continue to draw attention, yet their impact on the market appears minimal. Despite delays in creditor repayments, the exchange maintains substantial reserves.
