Mt. Gox moves $1.01B in Bitcoin alongside Kraken exchange test transaction

Bankrupt exchange Mt. Gox has transferred 11,501 BTC, worth around $1.01 billion, in its third major transaction this month, alongside a Kraken exchange test transfer.

Blockchain analytics firm Arkham Intelligence flagged the movement of funds from Mt. Gox’s wallet on Mar. 25. The transactions included 893 Bitcoin (BTC) (about $78 million) sent to a new address and 10,608 BTC (around $929 million) moved to another Mt. Gox-controlled wallet. In addition, 0.000017 BTC was sent to Kraken possibly as a test transfer.

Many speculate this could be related to upcoming creditor repayments. This follows two other major transfers earlier in this month, which included 12,000 BTC  on Mar. 6 and 11,833 BTC on Mar. 11. Blockchain analytics platform Spot On Chain, reported that some of these previous transfers ended up on the Bitstamp exchange.

Once the biggest Bitcoin exchange in the world, Mt. Gox declared bankruptcy in 2014 after losing about 850,000 BTC, which was then valued at almost $500 million. The exchange attributed the loss to a hacking incident, which turned out to be the result of years of security lapses. The case has been the subject of numerous legal battles over the years, causing the repayment of creditors to be delayed. 

As of Mar. 25, data from Arkham Intelligence shows that Mt. Gox still holds about 35,000 Bitcoin, valued at roughly $3.08 billion. Last year, the exchange extended its repayment deadline from Oct. 31, 2024, to Oct. 31, 2025, citing delays in verification and processing.

Historically, large Bitcoin transfers from entities like Mt. Gox have triggered market fluctuations. However, data suggests that recent movements have had less impact on Bitcoin’s price. The cryptocurrency is trading at around $86,500 at press time, showing a strong recovery from its recent 7-day low of $81,259.