Mt. Gox transfers a billion USD in Bitcoin – preparations for creditor repayments become urgent

Mt. Gox transfers a billion USD in Bitcoin – preparations for creditor repayments become urgent

Mt. Gox Makes Massive Bitcoin Transfer: What It Means for Creditors

Defunct crypto exchange Mt. Gox recently conducted a significant Bitcoin transfer, moving $1 billion in Bitcoin (BTC). This transaction comes in the context of the upcoming payouts to the exchange's creditors, the repayment of which is scheduled to take place by October 2025.

Massive transfer of 11,501 Bitcoin

As blockchain analysis firm Arkham Intelligence reports, Mt. Gox transferred a total of 11,501 Bitcoins to two wallets. An exchange wallet (address: 1DcoA) received 10,608 BTC worth $929 million, while the Mt. Gox hot wallet (address: 1Jbez) received 893 BTC worth $78 million.

This transaction follows two significant transfers that took place earlier this month. On March 6, the exchange transferred 12,000 BTC worth $1 billion. A week later, another transfer of 11,834 BTC worth $910 million was made. Interestingly, 332 BTC worth over $25 million were deposited to the Bitstamp exchange, indicating possible liquidation activity given the impending repayments. It is believed that the 893 BTC sent to the hot wallet could also soon start moving again.

As of this latest transfer, Mt. Gox still holds 35,583 BTC, worth over $3 billion. These activities could prepare for impending compensation for creditors who lost money in the exchange's infamous hack over a decade ago.

Urgency of repayments

The deadline for repayments to creditors has increased with a new deadline of October 31, 2025. In a statement, the trustee managing Mt. Gox's assets revealed that many rehabilitation creditors have not yet received their repayments because they have not completed the necessary recovery procedures.

Bitcoin price and market reaction

Despite the massive transfers, they have had little impact on the Bitcoin price. Over the last 24 hours, the Bitcoin price has only fallen by 0.19% and was at USD 86,756 at the time of writing.

It is noted that Bitcoin is gradually recovering from recent losses and trying to break out of a descending wedge pattern. A confirmation of this pattern could provide further gains up to $95,000.

Arthur Hayes, former CEO of BitMEX, expressed a bullish forecast for Bitcoin, stating that the price is more likely to reach $110,000 than $76,500. Hayes argues that the US Federal Reserve may move from quantitative tightening (QT) to quantitative easing (QE), which could increase liquidity and therefore not hinder Bitcoin's potential rise.

Conclusion

Mt. Gox’s recent activity, particularly the large Bitcoin transfers, suggests an intense payback to creditors and highlights the urgency of the situation. At the same time, the Bitcoin market remains vigilant and reacts to these developments, while investors and analysts remain bullish on future price developments.