MT. Gox Moves $1B Worth Bitcoin to Unknown Address: Report
- The crypto exchange Mt. Gox transferred 12,000 BTC to an unmarked address on March 6, 2025.
- Arkham Intelligence shows that the exchange also sent 166.5 BTC to its cold wallet.
- The exchanges currently hold over 36,000 Bitcoins, valued at $3.3 billion at the present market.
On March 6, Akham Intelligence posted on X that the bankrupt crypto exchange firm Mt.Gox moved 12,000 Bitcoin worth $1.09 billion. This transfer took place from the address ending 1PuQB to the new address 1Mo1n. And Mt. Gox has also sent 166.5 BTC worth around $15 million to its cold wallet address 1Jbez, making this transfer the largest one since being idle for months.
This move comes amidst the ongoing market volatility which has reacted to U.S. President Donald Trump’s recent announcement about crypto reserve and the upcoming crypto summit on March 7, 2025. Before these events happened, in December 2024, Mt. Gox moved around 1,620 Bitcoin through a series of unknown wallets and soon after again transferring up to 24,000 Bitcoin. The company currently holds over 36,000 Bitcoins, which is valued at $3.3 billion.
Founded in 2006, by Jed McCalebb and sold to Mark Karpeles in 2011, Mt. Gox soon became one of the largest Bitcoin exchanges, which handled over 70% of global Bitcoin transactions. The company faced multiple security breaches, including the June 2011 theft of 25,000 BTC from 478 user accounts.
In February 2014, Mt. Gox suspended operations and filed for bankruptcy after losing approximately 740,000 BTC, worth $450 million then, due to hacking and alleged mismanagement. The collapse led to legal proceedings, with Karpeles accused of misappropriation in 2019, but found guilty of data falsification, receiving a suspended sentence.
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Post-bankruptcy, Mt. Gox has been distributing recovered assets to creditors. The distribution began in July 2024, with the deadlines initially set for October 31, 2024, but extended to October 31, 2025, due to procedural delays. Other exchanges like Bitstamp and Kraken have facilitated these payouts, with over $6 billion in Bitcoin distributed by November 2024.
In the wake of these events, the latest Bitcoin transfer is likely a part of the distribution process in the company’s decade-long effort to repay creditors. Suggesting a measure to resolve one of the crypto industry’s historical hacks. These large movements may create market volatility as creditors could sell Bitcoin post-receiving, increasing the selling pressure. However, the complexity of these bankruptcy proceedings and mismanagement highlights the importance of security in crypto exchanges.
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