Mt. Gox Shifts $1 Billion in Bitcoin – What’s Behind the Move?

Blockchain data revealed that the platform moved approximately $1 billion worth of BTC to a hot wallet and an unidentified address, coinciding with a surge in Bitcoin’s price.

Arkham, an on-chain analytics platform, identified the movement of 11,501 BTC across two new wallets late Monday. A majority—10,608 BTC valued at $928 million—was sent to an unknown destination, raising questions about whether the funds were linked to creditor repayments. The remaining 893 BTC ($77.3 million) was redirected to an Mt. Gox-controlled wallet, which later transferred the assets to another address.

This marks the third major transaction by Mt. Gox in recent weeks, following previous transfers of 12,000 BTC and 11,833 BTC earlier in the month. The latest movement appears to be part of a pattern, as the sending wallet had received a similar amount from another Mt. Gox-linked address just two weeks prior. While some speculate that these transactions could be internal fund reshuffling, reports suggest a portion of the Bitcoin may have ended up on the Bitstamp exchange.

Mt. Gox, once the dominant force in Bitcoin trading, has been slowly progressing with its creditor repayments, which officially began in July 2024. However, the process has been drawn out, with trustees extending the repayment timeline by another year in October to accommodate customers who have yet to complete necessary requirements.