Mt. Gox Moves Over $900 Million in Bitcoin, Sparks Speculation Over Creditor Repayments

Mt. Gox’s latest Bitcoin transfer of $905 million has reignited speculation about long-awaited creditor repayments. With $2.8 billion in BTC still held by the defunct exchange, the move raises questions about its next steps and potential market impact.

Zagham Abbas
March 11, 2025
6:30 pm

Zagham Abbas

Zagham is a renowned crypto journalist known for his insightful analysis and in-depth reporting on the cryptocurrency industry.

The defunct Mt. Gox exchange moved 11,501 BTC (~$905M) to an unmarked wallet, sparking speculation about creditor repayments.
Historically, similar transfers have preceded payouts to creditors who lost funds in the 2014 hack.
With $2.8B in Bitcoin still held by Mt. Gox, further movements could impact the market and potentially add selling pressure.

Defunct Mt. Gox exchange transferred a substantial sum of 11,501 BTC worth approximately $905 million on Monday. An unknown entity moved the funds to an unmarked wallet address. This signals potential changes in the financial landscape for the once-dominant crypto exchange. According to data from Arkham Intelligence, the transfer occurred at around 8:15 p.m. ET, marking another significant event in the Mt. Gox saga.

The majority of the transfer 11,833.64 BTC, or $931.19 million was sent to an unmarked wallet labeled “1Pazv…R9pYj.” In addition, Mt. Gox redirected 332 BTC to its “warm wallet,” a standard practice for exchanges to keep a portion of funds readily accessible. Both wallets remain unspent, raising questions about the intentions behind this recent transfer.

Historically, movements of Bitcoin from Mt. Gox’s holdings have preceded repayments to creditors. These creditors are individuals who lost substantial sums when the exchange went bankrupt after a hack in 2014. This precedent has fueled speculation. It suggests that the transfer could be part of a larger plan to begin distributing funds to those creditors. Given the scale of Mt. Gox’s remaining assets, estimated at $2.8 billion, this latest development could have ripple effects on the broader crypto market. It may potentially add selling pressure if repayments occur soon.

However, the exact nature of this transfer remains unclear. Arkham Intelligence noted that the wallet address from which the Bitcoin was moved, “1Mo1n,” had received a large deposit last week from another exchange wallet, totaling $1.07 billion worth of Bitcoin. The funds transferred to the wallet were not initially labeled as a Mt. Gox wallet. This raised questions about the source and ultimate destination of the funds.

Mt. Gox Bitcoin Repayments Impact on BTC

Mt. Gox, founded in 2010, was once the world’s largest Bitcoin exchange, handling as much as 70% of global Bitcoin trades in 2013. The hackers targeted the exchange in early 2014, stealing approximately 850,000 BTC. This hack prompted the company to file for bankruptcy protection, setting off a lengthy legal battle and leaving many creditors in limbo for years.

In 2024, Mt. Gox began the process of repaying its creditors, using a portion of its remaining holdings, which include 142,000 BTC, 143,000 Bitcoin Cash (BCH), and approximately 69 billion yen ($469 million). Exchanges like Kraken and Bitstamp have processed payments, although authorities extended the final deadline for creditor repayments to October 31, 2025.

With $2.8 billion worth of Bitcoin still held in Mt. Gox’s wallets, this latest move adds fuel to the speculation that the exchange may soon resume creditor distributions. However, the timing and specific plans remain unclear. All eyes are on Mt. Gox as it navigates the complexities of repayment and its remaining crypto assets.