A Massive Mt. Gox Bitcoin Transfer of 11,833 BTC Worth of $931 Million Just Happened— Will This Shake Bitcoin’s Price?

A massive Mt. Gox Bitcoin transfer has grabbed the crypto community’s attention. Another large transaction occurred last week, fueling speculation about creditor repayments. Mt. Gox, once the leading crypto exchange, collapsed after a notorious hack. Its bankruptcy process has dragged on for years, with repayments expected through 2025. Meanwhile, Bitcoin’s price has been unpredictable, briefly dropping below $80,000 before rebounding. Many fear additional Mt. Gox liquidations could increase selling pressure. The uncertain market conditions make investors wary of potential price swings.

Billion-Dollar Bitcoin Move: Mt. Gox Wallets in Action

Arkham Intelligence’s on-chain data indicates that a Mt. Gox Bitcoin transfer worth $931 million took place today. This transaction was recorded at 8:15 p.m. ET and consisted of 11833.64 Bitcoin, which was moved between wallets. First, 11,501.58 bitcoins, estimated at $905 million, were transferred to an unmarked wallet “1Pazv…R9pYj.”. Then 332 BTC, which were worth nearly $26.1 million, were sent to a warm wallet. Arkham Intelligence also shows that the wallets’ coins have not been liquidated. 

Picture 1- Provided by Arkham Intelligence, published in intel.arkm.com, March 11, 2025.

Based on Picture 1, this transaction was made using the known Mt. Gox-related wallet “1Mo1n”. Last week, we also saw another big crypto movement from Mt. Gox also involved this wallet. On March 6, over $1 billion worth of BTC was transferred from another Mt. Gox wallet to “1Mo1n”. As of today, The Mt. Gox wallets have a total of 35,915 Bitcoin, equal to $2.85 billion. 

Mt. Gox’s Downfall: The 800,000 BTC Disaster

The Mt. Gox platform was launched in 2010 and reached its peak in popularity and market share in 2013. Before its fall, Mt. Gox was one of the biggest exchanges on the internet. It was recorded that most of the BTC transactions were going through this platform. However,t because of one of the biggest hacks of its time, Mt. Gox lost nearly 800,000 BTC. After that, the platform filed for bankruptcy and has been in a protracted bankruptcy process since 2014. The Mt. Gox repayment process has already begun, and some creditors have received their payment.

Mt. Gox Holds Billions in BTC—Market Shock Inevitable?

Although originally, it was supposed to repay all the creditors by 2024, the deadline has been pushed to Oct. 31, 2025. Although currently, the Bitcoins have not been liquidated, based on past transactions, these movements are followed by creditor payments. The Japan-based platform started paying creditors in July 2024. At the time, its holdings were 142,000 BTC worth $11 billion. This platform also had 143,000 Bitcoin Cash worth $47 million and 69 billion Japanese yen worth $469 million. Across all its wallets, Mt. Gox still holds around $2.8 billion worth of Bitcoin.

The crypto market has been having a few rough days as of March 11. Bitcoin went below $80,000, today reaching as low as $76,808 based on coinmarketcap’s data. Since then, it has recovered and now trades at around $80,500. However, the macroeconomic pressure on the market is still strong. Mt. Gox’s Bitcoin reserves,  although not as big as they were once, still present a worrying scenario. All the remaining reserves becoming liquidated can increase the selling pressure on the market and worsen the current bearish market.

Mt. Gox’s Bitcoin Liquidation Triggers a Shake-Up?

Mt. Gox’s repayment process moves forward, raising concerns about Bitcoin’s market stability. The transferred Bitcoin remains unsold, but its vast reserves pose risks. Any future sales could trigger volatility, especially in a fragile market. Investors should stay alert and track wallet movements, as creditor repayments might lead to more large transactions. A slow release of Mt. Gox’s assets may stabilize the market. However, sudden sales could cause panic, fueling downward trends.