Mt. Gox, the defunct cryptocurrency exchange that collapsed in 2014 after a major hack, transferred 11,501 Bitcoin (BTC), valued at approximately $905 million, to an unidentified wallet, according to blockchain analytics firm Arkham Intelligence. This transfer followed a smaller test transaction of 166 BTC to the cryptocurrency exchange BitGo on the previous Friday.
The movement is part of a series of recent Bitcoin transfers by Mt. Gox, including over $1 billion moved to a wallet beginning with “1Mo1n” the previous week, which was later masked as one of the entity’s wallets. After the latest transfer, Mt. Gox retains ownership of more than 35,915 BTC, currently valued at approximately $2.8 billion at market prices.
Mt. Gox, once the world’s largest Bitcoin exchange, filed for bankruptcy in February 2014 after halting withdrawals due to “technical issues.” It was later revealed that the exchange had lost around 850,000 BTC, worth over $58 billion at current prices, though approximately 200,000 BTC were later recovered. This incident affected roughly 127,000 creditors, who have been waiting over a decade for compensation.
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Following the bankruptcy, Japanese authorities initiated a legal process known as “civil rehabilitation” in 2018, which aimed to distribute the exchange’s remaining assets to creditors more equitably than traditional bankruptcy proceedings. Unlike bankruptcy, civil rehabilitation allowed creditors to receive repayments in Bitcoin and Bitcoin Cash (BCH) rather than Japanese Yen at the 2014 Bitcoin price, preserving the value of their claims given Bitcoin’s significant price appreciation. In March 2019, the Tokyo District Court accepted a rehabilitation plan, which was finalized in November 2021.
These wallet activities are likely linked to Mt. Gox’s ongoing efforts to repay creditors, a process that began in July 2024 following years of bankruptcy proceedings. The exchange, once the largest Bitcoin exchange globally, lost around 850,000 BTC in a 2014 security breach, affecting thousands of creditors. Historically, such large Bitcoin movements by Mt. Gox have preceded creditor distributions, often facilitated through exchanges like Kraken, Bitstamp, and BitGo.
However, the exact purpose of the latest transfer remains unclear, as Mt. Gox has not publicly confirmed whether it is part of an imminent payout. The repayment deadline for creditors was recently extended to October 31, 2025, due to ongoing verification and processing requirements, further delaying full resolution for affected users. The transfer coincided with a period of market volatility, as Bitcoin’s price dropped below $77,000, deepening a correction after a weak start to the week.
Some market analysts, such as BitMEX co-founder Arthur Hayes, have warned of potential further declines, suggesting Bitcoin could retest the $75,000 level or even fall to $70,000–$72,000 if support levels fail. Conversely, others, like Bitget Research’s chief analyst Ryan Lee, indicate a possible recovery to the $80,000–$85,000 range if Bitcoin stabilizes. Large transfers like this often spark concerns about potential selling pressure, as creditors receiving repayments might liquidate their Bitcoin, though past distributions have shown mixed behavior, with some creditors opting to hold their BTC due to significant price appreciation since the 2014 collapse.
Some exchanges, like Bitstamp, cannot accommodate creditors in certain countries (e.g., China, Iran, Japan, North Korea, and Ukraine regions like Crimea, Donetsk, and Luhansk) due to regulatory restrictions. The repayment process has been marked by numerous delays, largely due to legal challenges, logistical issues, and the complexity of verifying claims. The original repayment deadline was set for October 31, 2023, but was extended multiple times due to creditors’ difficulties in completing required procedures, such as account verification and KYC (Know Your Customer) compliance.
Repayments began in July 2024, with Mt. Gox distributing Bitcoin and Bitcoin Cash to approximately 21,000 creditors by August 21, 2024. Fiat currency repayments in JPY were also initiated, with some creditors reporting deposits in their bank accounts as early as March 2024, often one to two months after their claims were updated in the system.
