In a recent development, the Tokyo-based exchange Mt. Gox, which infamously filed for bankruptcy after being hacked in 2014, transferred 11,833 BTC (approximately $931 million) to an unmarked wallet address. According to data from blockchain analysis platform Arkham Intelligence, most of the transfer was made to the address “1Pazv…R9pYj,” while a portion of 332 BTC was sent to the exchange’s intermediate wallet. Although these transfers may be related to the payment process for creditors, the official purpose remains unclear. Experts warn that significant Bitcoin 
$62,426 transfers could lead to selling pressure in the market.
Details of Mt. Gox’s Recent Bitcoin Transfer
Arkham Intelligence reports that the transfer occurred today at 03:15 from Mt. Gox’s wallet named “1Mo1n.” This wallet had received $1.07 billion in Bitcoin from another exchange just last week. However, the “1Mo1n” address was not previously identified as belonging to Mt. Gox.
So far, the transferred BTC has not been spent. It is known that Mt. Gox will start payments to creditors in July 2024; however, there is no proven direct link between the recent transfer and this process. Distributions to creditors are being made through Kraken and Bitstamp, with the payment date recently postponed to October 31, 2025.
The History of Mt. Gox and Its Impact on the Crypto Market
Established in 2010, Mt. Gox was a major exchange handling 70% of global Bitcoin transactions by 2013. However, a hacking incident in 2014 that resulted in the loss of 850,000 BTC led to the exchange’s downfall. Following its bankruptcy, a portion of the 142,000 BTC (worth $11 billion) seized has begun distribution to creditors.
The crypto market closely monitors Mt. Gox’s large-scale transfers. Should creditors decide to sell their BTC, a price drop is anticipated. Additionally, according to Arkham Intelligence, Mt. Gox’s wallet addresses currently hold $2.8 billion worth of Bitcoin.
