Mt. Gox Moves Another $1 Billion in Bitcoin — Is Creditor Repayment Finally Near?

Mt. Gox, the collapsed cryptocurrency exchange, has transferred over $1 billion worth of Bitcoin in its third large movement this month. Blockchain analytics firm Arkham Intelligence reported on March 25 that Mt. Gox moved a total of 11,501 BTC.

Out of the total, 893 Bitcoin—worth about $78 million—was moved to one of Mt. Gox’s cold wallets. The remaining 10,608 Bitcoin—worth around $929 million—was sent to a separate wallet known as the Mt. Gox change wallet.

This activity follows two earlier transfers in March. On March 6, the exchange moved 12,000 BTC, and on March 11, it transferred 11,833 BTC. Each transaction involved over $1 billion worth of Bitcoin at current market prices.

Large Transfers Trigger Repayment Speculation

The repeated large movements of Bitcoin have led many to believe that Mt. Gox is preparing to repay its creditors. The exchange owes money to users who lost funds during a hack in 2014.

According to data from Arkham Intelligence, Mt. Gox still holds around 35,000 BTC, worth about $3.1 billion, across various wallets.

Blockchain analytics platform Spot On Chain also noted that some Bitcoin from earlier transfers was sent to Bitstamp, a cryptocurrency exchange. They now speculate that the recent 893 BTC sent to a warm wallet may be moved out soon as well.

Mt. Gox was once the largest Bitcoin exchange, handling 70%–80% of global Bitcoin trading. But in early 2014, the platform suffered a major security breach and lost approximately 850,000 BTC, valued at billions of dollars today.

Following the hack, Mt. Gox filed for bankruptcy in February 2014. A Tokyo court later appointed a trustee to manage the case and oversee repayments to creditors.

Mt. Gox Repayments Delayed Until at Least October 2025

Although partial repayments have begun, many creditors are still waiting. In October 2023, the court-appointed trustee extended the deadline for repayments to October 31, 2025. The delay was due to many creditors not completing the required procedures for claiming their funds.

Some repayments have already been made in Bitcoin. In a Reddit poll from July 2024, most creditors who received Bitcoin said they were not in a rush to sell it, despite price fluctuations.

This is not the first time Mt. Gox has moved large amounts of Bitcoin. In November 2024, the exchange shifted over 32,000 BTC—worth nearly $2.5 billion at the time—to an unknown wallet. That transfer happened as Bitcoin approached the $100,000 price milestone.