News 
March 11, 2025 
3 min. 
The defunct cryptocurrency exchange Mt. Gox transferred nearly $1 billion worth of Bitcoin on March 11, marking its second massive transfer within a week. This movement coincided with Bitcoin’s price briefly dropping to $76,784, reaching a four-month low.
Mt. Gox Repayment Process Continues
Mt. Gox moved 11,833 Bitcoin, with the majority (11,501 BTC worth $905.1 million) sent to a new wallet. The remaining 332 BTC ($26.1 million) went to a warm wallet, according to blockchain analytics firm Lookonchain, citing Arkham Intelligence data.
This transfer follows closely behind Mt. Gox’s March 6 movement of 12,000 Bitcoin valued at over $1 billion. Arkham noted that $15 million from that earlier transfer went to BitGo, a custodian helping facilitate creditor repayments. Blockchain analytics firm Spot On Chain suggests the 332 Bitcoin sent to the warm wallet may also support these repayments.
Market Impact and Holdings Update
The Bitcoin movement triggered a swift 2.4% price drop before recovering to $79,275 shortly afterward. Arthur Hayes, chief investment officer at Maelstrom, advised investors to “be patient” in a social media post where he predicted Bitcoin would bottom around $70,000.
Following these transfers, Mt. Gox’s main wallets now contain just 24,411 Bitcoin worth approximately $1.94 billion. This represents a significant reduction since June 2024, when the exchange began offloading around $9.2 billion worth of Bitcoin.
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The exchange, which once handled 70-80% of all Bitcoin trades between 2010 and 2014, collapsed after a devastating hack that resulted in the theft of up to 850,000 Bitcoin. Mt. Gox has extended its deadline to fully repay creditors until October 31, 2025. Meanwhile, at the time of writing, Bitcoin was trading at $81,000, a 0.2% decline in the previous day according to data from CoinMarketCap.
