The price of Bitcoin hitting a four-month low on March 11, the now-defunct cryptocurrency exchange Mt. Gox recently moved around $1 billion worth of Bitcoin, making it the second-largest BTC transfer in a week. A total of 11,833 Bitcoins were transferred, with 11,501 ($905.1 million) going to a fresh wallet and the remaining 332 ($26.1 million) going to a warm wallet, according to blockchain analytics company Lookonchain, which cited data from Arkham Intelligence.
Less than a week has passed after Mt. Gox transferred 12,000 Bitcoin worth over $1 billion on March 6. According to Arkham, BitGo, one of the custodians assisting with reparations to Mt. Gox creditors, received $15 million of those moneys.
The 332 Bitcoin that was just sent to the warm wallet may also be meant to help with repayments, according to blockchain analytics company Spot On Chain.
This change was accompanied by a 2.4% decline in the price of Bitcoin, which, according to CoinGecko data, dropped to $76,784 in just 30 minutes, returning it to its November levels as the market was surging behind the election triumph of U.S. President Donald Trump.
In a March 11 post, Arthur Hayes, Chief Investment Officer of Maelstrom, cautioned investors to “remain very patient,” despite the fact that Bitcoin swiftly bounced back from its decline to $79,275. He predicted that Bitcoin would fall further lower, perhaps to the $70,000
Last October, the shuttered crypto exchange extended its deadline to fully repay creditors, stating it would do so by October 31, 2025.
Mt. Gox was the largest Bitcoin exchange between 2010 and 2014, handling nearly 70-80% of Bitcoin trades before approximately 850,000 Bitcoin were stolen from the Tokyo-based platform.
