On March 6, blockchain analytics company Arkham Intelligence found that wallets connected to Mt. Gox moved a staggering 12,000 Bitcoin (BTC) worth almost $1 billion. This caused a massive uproar in the cryptocurrency community. The sudden change comes when there has been a lot of doubt about Mt. Gox’s bankruptcy repayments, which has led to more guessing about how it might affect the market. Bitcoin prices are already unstable because of worries about U.S. trade tariffs, so this vast transfer has traders and investors scratching their heads.
$1 Billion Bitcoin Transfer Analysis
Arkham Intelligence says the transaction came from a wallet tied to Mt. Gox (1PuQB) and cost only $1.64 in fees. The message sent:
- 166.5 BTC (~$15 million) to Mt. Gox’s cold storage (1Jbez)
- 11,834 BTC to an unknown wallet (1Mo1n)
Since a small 4 BTC move happened between cold storage addresses in January, these wallets haven’t done anything significant. In December 2023, 1,620 BTC was sent to addresses that could not be traced.
Long-term bankruptcy and repayment delays at Mt. Gox
Mt. Gox was once the most significant Bitcoin exchange in the world, but it shut down in 2014 after a considerable hack caused it to lose over 800,000 BTC. Since then, creditors have had to wait long to get their money back. Some are still waiting for Bitcoin (BTC) or Bitcoin Cash (BCH) payments, while others have gotten cash payments. The new date for repayment, October 31, 2025, instead of October 31, 2024, made things less clear.
Wallets connected to Mt. Gox still hold about 36,080 BTC, worth $3.26 billion. Any big sale could send shockwaves through the crypto market, making traders wary of possible sell-offs.
Bitcoin Price Rebounds Despite Uncertainty
Interestingly, while previous Bitcoin movements linked to Mt. Gox caused market reactions, this latest transfer hasn’t significantly affected BTC prices yet. Bitcoin recently went from a high of $94,769 on March 3 to a low of $82,681 on March 4 because of new trade taxes by U.S. President Donald Trump. Â
Conclusion
The market is still on edge because over $3 billion worth of Bitcoin owned by Mt. Gox has not been found. If full returns start, huge sell-offs could make BTC’s price less stable. As traders watch how wallets move, doubt looms, and the crypto community prepares for possible ripple effects.
