Mt. Gox Makes a New Massive Transfer of 11833 Bitcoin (BTC), Valued at over 930 Million Dollars

This movement follows a similar transaction that took place on March 6, when the exchange had transferred 12000 BTC for over 1 billion dollars.

As reported by Lookonchain, via Arkham Intelligence data, of the amount transferred:

* 11,501 BTC (about $905.1 million) went to a new wallet.

* 332 BTC (about $26.1 million) went to a warm wallet.

The operation had a cost of only $2.13 in fees.

Impact of the transfer on the price of Bitcoin

The transfer of the substantial sum coincided with a 2.4% drop in the value of Bitcoin, which fell to $76,784 in just 30 minutes, according to CoinGecko.

Despite this, the price quickly recovered, reaching $79,275 shortly after.

Investor Arthur Hayes, founder of Maelstrom, called for calm in the market, stating on X (formerly Twitter) that Bitcoin could reach a low of $70,000 before a new recovery.

Mt. Gox is speeding up the reimbursement process to creditors

These movements are part of the exchange’s strategy to fully reimburse its creditors by October 31, 2025, following the postponement announced in October 2024.

Some of the cryptocurrencies transferred in the first movement, for a total of $15 million, went to BitGo, a company tasked with managing the refunds. The recent 332 BTC destined for the warm wallet could also be used for the same purpose, according to the company Spot On Chain.

Reduction of Mt. Gox BTC reserves

The latest movements further reduce the reserves of Bitcoin still held by the exchange. Currently, in the main wallets of Mt. Gox, there is a balance of about 24,411 BTC, for an estimated value of $1.94 billion.

Since last June 2024, the exchange has actively started moving its Bitcoin, for a total of about $9.2 billion.

The long wait for refunds after the collapse of the exchange

Founded in 2010, Mt. Gox was the largest Bitcoin exchange in the world until 2014, handling 70% to 80% of all transactions on the BTC network.

In 2014, the platform suffered a devastating cyber attack that led to the theft of 850,000 BTC, causing its bankruptcy. Since then, creditors have been waiting for the reimbursement of the frozen funds, a process that is finally reaching the final stages.

The current movements of the funds suggest that Mt. Gox clients might receive their reimbursements even before the 2025 deadline, a significant step in one of the longest sagas in cryptocurrency history.