The defunct cryptocurrency exchange Mt.Gox has transferred another large batch of Bitcoin, valued at over $930 million, as part of its ongoing efforts to reimburse creditors by the October 31, 2025 deadline. This marks the second major movement of funds by the exchange within a single week, occurring during a period of significant market fluctuation.
Details of the Latest Bitcoin Transfer
On March 11, Mt.Gox moved 11,833 BTC, with the majority—11,501 BTC, worth approximately $905.1 million—sent to a new cold wallet. The remaining 332 BTC, valued at around $26.1 million, was transferred to a hot wallet, likely for operational purposes related to repayments. Remarkably, the entire transaction cost only $2.13 in network fees.
This transfer follows another sizable movement on March 6, when the exchange shifted 12,000 BTC, then valued at slightly over $1 billion. As noted by blockchain analytics firms, a portion of those earlier funds was directed to BitGo, a institutional custody provider assisting with the creditor reimbursement process.
Market Reactions and Bitcoin Price Impact
Shortly after the transfer, Bitcoin’s price experienced a swift decline, dropping 2.4% within 30 minutes to a four-month low of $76,784. Although the market quickly recovered, pushing prices back near $79,275, the event underscored the sensitivity of cryptocurrency valuations to large-scale movements.
Arthur Hayes, Chief Investment Officer of Maelstrom, commented on social media platform X, advising investors to remain patient. He suggested that Bitcoin might find a support level around $70,000 before stabilizing or resuming an upward trend.
Mt.Gox’s Ongoing Repayment Process
Since initiating repayments in June 2024, Mt.Gox has significantly reduced its Bitcoin holdings. The exchange’s primary wallet now contains just 24,411 BTC, worth approximately $1.94 billion, down from an original stash valued at nearly $9.2 billion.
The exchange, once responsible for 70–80% of all Bitcoin transactions between 2010 and 2014, collapsed in 2014 following a devastating hack that resulted in the loss of 850,000 BTC. After years of legal proceedings, Mt.Gox began repayments last year, with a final deadline set for October 31, 2025.
Creditors are expected to receive compensation in both Bitcoin and fiat currency, depending on their original claims and the structure of the rehabilitation plan. The recent transfers are seen as part of the logistical preparation for these distributions.
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Frequently Asked Questions
What is Mt. Gox?
Mt. Gox was a Tokyo-based Bitcoin exchange that dominated early cryptocurrency trading before collapsing in 2014 after a major security breach. It is currently undergoing a rehabilitation process to repay affected users.
Why is Mt. Gox transferring Bitcoin now?
The exchange is moving funds as part of its planned creditor repayment process. These transfers help prepare for the distribution of assets ahead of the October 2025 deadline.
How did the market react to the transfer?
Bitcoin’s price dipped briefly following the news, highlighting how large transactions can influence short-term market sentiment and volatility.
What happens to the transferred Bitcoin?
Most of the funds are moved to secure cold wallets, while a smaller portion is allocated to hot wallets for operational uses, including actual repayments to creditors.
Will these repayments affect Bitcoin’s long-term price?
While large transfers can cause temporary volatility, long-term price trends are influenced by broader market factors, including adoption, regulation, and macroeconomic conditions.
Where can I learn more about cryptocurrency security?
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