Deceased cryptocurrency exchange “Mt. Gox” has reportedly transferred 11501 BTC, or around $1B to two distinct wallets

From the billionaire amount, 893 BTC ($78.11 million) was linked directly to Mt. Gox's hot wallet. Meanwhile, 10608 BTC valued at $927.4 million was transferred to a "change wallet"

Deceased cryptocurrency exchange “Mt. Gox” has reportedly transferred 11,501 BTC, or around $1.01 billion to two distinct wallets. Peculiar transaction initially reported by blockchain analytics firm “Arkham Intelligence” on Monday, has raised suspicion on the cause of trade.

Hot Wallet Activity

The analysis revealed that 893 BTC ($78.11 million) was linked directly to Mt. Gox’s hot wallet. A hot wallet is an online cryptocurrency wallet that is connected to the internet and used for frequent transactions.

Meanwhile, 10,608 BTC valued at $927.4 million was transferred to a “change wallet”. A change wallet is a type of cryptocurrency wallet that is used to store large sums of assets or reallocate funds.

As reported by TokenPost in July, the bankrupt exchange is making final preparations to pay back creditors by October 2025. The new deadline was set last year, marking another postponement to the repayment plan for customers’ funds.

The bankrupt exchange owes creditors around 141,686 BTC, 143,000 Bitcoin Cash (BCH), and around 69 billion Japanese yen. The staggering debt arose from one of the largest cryptocurrency heists in history, when hackers stole an estimated 740,000 BTC from Mt. Gox in 2014.

Among the creditors are individual users, institutional investors, and entities such as Bitcoinica and Mt. Gox Investment Funds. After more than a decade, questions remain about why the process has taken so long.

One key factor is the ongoing legal dispute with CoinLab, which filed a $16 billion lawsuit against Mt. Gox, claiming a breach of their 2012 licensing agreement. This case has yet to be fully resolved and has been a major point of contention in delaying full creditor payments.

The recent transfer of 11,501 BTC could indicate preparations to continue creditor payments, aligning with Mt. Gox’s efforts to meet the October 2025 deadline and settle its outstanding obligations.