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Mt. Gox moves $1B in Bitcoin amid volatility

Mt. Gox moves $1B in Bitcoin amid volatility

GrafaGrafa2025/03/06 13:00
By:Mahathir Bayena

On March 6, Mt. Gox, the defunct cryptocurrency exchange, transferred 12,000 Bitcoin (CRYPTO:BTC) worth over $1 billion to new wallets, marking its first significant transaction in over a month.

The move involved sending 166.5 BTC to Mt. Gox's cold storage and 11,834 BTC to an unidentified wallet, according to Arkham Intelligence.

This transaction is part of Mt. Gox's ongoing creditor repayment process, which began in 2024.

The exchange, once the largest Bitcoin exchange, went bankrupt in 2014 after losing over 800,000 BTC.

Despite past movements causing market reactions, the current transfer has had a minimal immediate impact on Bitcoin prices.

The trustee overseeing Mt. Gox's assets extended the repayment deadline to October 31, 2025, allowing more time for creditors to receive their dues.

Some creditors have already received fiat repayments, while others await Bitcoin or Bitcoin Cash (CRYPTO:BCH) disbursements.

The market volatility surrounding Mt. Gox's move is compounded by broader economic factors, including U.S. President Donald Trump's trade tariffs, which have affected high-risk assets like cryptocurrencies.

Bitcoin has fluctuated significantly, peaking at $94,770 on March 3 before dipping to $82,681 on March 4, and then rebounding above $90,000.

Mt. Gox currently holds approximately 36,080 BTC, valued at around $3.26 billion.

The reason behind the latest transaction remains unclear, fueling speculation about potential creditor repayments or other strategic moves.

As the crypto market continues to navigate these developments, traders remain cautious about potential sell-offs if full repayments begin.

At the time of reporting, the Bitcoin (BTC) price was $91,695.39.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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