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COINTURK NEWS > Bitcoin (BTC) > Mt. Gox Moves $931 Million in Bitcoin: What It Means for the Market
Bitcoin (BTC)

Mt. Gox Moves $931 Million in Bitcoin: What It Means for the Market

In Brief

  • Mt. Gox transferred $931 million in Bitcoin to an unknown wallet.

  • Details of the transfer remain unclear, sparking market speculation.

  • Creditors may impact Bitcoin prices through future sales of their assets.

Ömer Ergin
Ömer Ergin 3 months ago
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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 $104,818 transfers could lead to selling pressure in the market.

Contents
Details of Mt. Gox’s Recent Bitcoin TransferThe History of Mt. Gox and Its Impact on the Crypto 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.

Mt. Gox Bitcoin Transfer

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.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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Ömer Ergin 11 March, 2025 - 8:07 am 11 March, 2025 - 8:07 am
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