The infamous cryptocurrency exchange, Mt Gox has moved its first major bitcoin transaction this year, reigniting speculation about why the first major bitcoin exchange in the world has been operating in Japan without a clear direction even as bitcoin prices surge.

On March 6, a blockchain analytics firm Arkham Intelligence reported that Mt. Gox had moved a massive 11 834 BTC, worth around $1.07 billion at its peak value which was then deposited by Mt. Gox to a newly created address. It also transferred 166.5 BTC into its cold wallet.

Mt. Gox Moves Bitcoin Amid Bankruptcy

This is despite a notable amount of bitcoin involved, as Mt. Gox still possesses around 36,000 BTC, worth nearly $3.3 billion, according to Arkham’s data. This ties in the crypto community’s first big debit in three months, and reignites debates into the ecosystem.

According to some analysts , (Mt Gox) is even preparing itself to unload Bitcoin and take advantage of the positive market momentum. Yet, others suggest that the transfer was part of an exchange”s ongoing plans to return to creditors.

Mt. Gox Moves Bitcoin, Retains $3.3 Billion Reserve image 0

Almost 10 years after the Mt. Gox exchange was forced to close down due to a massive hack in which btc net worth lost nearly 850,000 BTC, a process of rehabilitation began for the exchange last year. The exchange has been distributing Bitcoin and Bitcoin Cash to roughly 21,000 creditors as part of its bankruptcy resolution through, for example, Kraken, Bitstamp and BitGo.

However, though the repayment is almost complete, the rehabilitation trustee has extension of the final repayment date to October 31, 2025, because of the additional time required to distribute assets.

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The latest Bitcoin transfer brings another layer of intrigue in Mt. Gox’s complex financial and legal landscape, while contributing more to the ongoing saga that left the crypto world on edge asking “what exactly will happen next?”