Mt. Gox moves 11,501 Bitcoin as creditor payouts loom

Bankrupt cryptocurrency exchange Mt. Gox has transferred 11,501 Bitcoin (CRYPTO:BTC) in its third major transaction this month, according to blockchain analytics firm Arkham Intelligence.

On March 25, the exchange moved 893 Bitcoin, valued at approximately $78 million, to its cold wallet and 10,608 Bitcoin, worth around $929 million, to its change wallet.

This follows two previous transfers this month, with 12,000 Bitcoin moved on March 6 and another 11,833 Bitcoin on March 11.

Blockchain analytics platform Spot On Chain noted that one of the previous transfers ended up on the crypto exchange Bitstamp.

The firm speculated that the 893 Bitcoin sent to the warm wallet “will be moved out shortly too.”

Despite the recent activity, Arkham Intelligence reported that Mt. Gox still holds about 35,000 Bitcoin, valued at approximately $3.1 billion, across its controlled wallets.

The transfers have fueled speculation that creditor payouts may be approaching.

Under the rehabilitation plan, creditors can choose to receive compensation in Bitcoin.

A Reddit poll conducted in July 2024 after Mt. Gox’s first payout suggested that most creditors were not in a rush to sell their Bitcoin.

Mt. Gox filed for bankruptcy in early 2014 after losing 850,000 Bitcoin in one of the largest crypto hacks ever recorded.

Before its collapse, it was the largest Bitcoin exchange, handling an estimated 70-80% of global trades.

A Tokyo court appointed a trustee to oversee the bankruptcy proceedings and distribute assets to creditors.

However, in October 2024, the trustee extended the repayment deadline to October 31, 2025, citing incomplete creditor procedures.

In December 2024, Mt. Gox moved 24,000 Bitcoin, worth nearly $2.5 billion, after Bitcoin briefly hit $100,000.

At the time of reporting, the Bitcoin (BTC) price was $86,681.80.