The long-defunct Mt. Gox exchange has executed a monumental transaction, moving $1 billion worth of Bitcoin—its largest transfer in over a month.
On March 6, blockchain analytics identified the movement of 12,000 Bitcoin (BTC) from a wallet linked to Mt. Gox. The transaction, which incurred a fee of only $1.64, allocated 166.5 BTC (approximately $15 million) to the exchange’s cold storage while transferring the remaining 11,834 BTC to an undisclosed wallet.
Currently, Mt. Gox-affiliated wallets hold about 36,080 BTC, valued at roughly $3.26 billion. This is the first significant activity from these wallets since a minor transfer of 4 BTC between cold storage addresses in January. The rationale behind the latest transaction remains unclear. Previously, in December, Mt. Gox had moved 1,620 BTC through unidentified addresses, shortly after transferring over 24,000 BTC.
Since it lost more than 800,000 Bitcoin, Mt. Gox has been in a state of bankruptcy since 2014, with creditors still pursuing repayments after years of legal proceedings. The repayment deadline was recently extended from October 31, 2024, to October 31, 2025, by the trustee managing Mt. Gox’s assets. While some creditors continue to await disbursements in Bitcoin or Bitcoin Cash (BCH), others have received repayments in fiat currency.
Notably, previous Bitcoin transactions associated with Mt. Gox have led to market fluctuations, though recent movements have not triggered significant reactions in BTC prices. Traders remain cautious about potential sell-offs should full repayments commence.
This news comes amidst heightened volatility in the cryptocurrency markets linked to recent trade tariffs introduced by U.S. President Donald Trump, effective March 4. Bitcoin experienced notable price swings, reaching a peak of $94,769 on March 3 before dropping to $82,681 on March 4 due to tariff anxieties.
As reported by ECNETNews, Bitcoin has bounced back above $90,000, currently trading at $91,224, reflecting a 4% increase in the last 24 hours.
