Bankrupt Mt. Gox Moved $1 Billion Worth of Bitcoin to Its Hot Wallet

Bankrupt exchange Mt. Gox moved $1 billion worth of Bitcoin to its hot wallet and an unmarked address, coinciding with the premier asset's recent price

Bankrupt exchange Mt. Gox moved 11,501 BTC (Bitcoin) to a hot wallet and an unmarked address, according to on-chain intelligence resource Arkham.

The latest development comes as the premier cryptocurrency pushed close to $89,000 on Monday before closing around $87,000. At the time of writing, Bitcoin trades at $86,587.

According to Arkham, Mt. Gox moved the bitcoins from its new wallet "1Pazv." The firm adds that the exchange transferred 10,608 BTC to an unidentified address, "1DcoA," sparking speculations of another round of customer repayment.

The new addresses sent the other 893 BTC to Mt. Gox's hot wallet "1Jbez." Notably, the receiving address has moved the bitcoins to another wallet, "1FodP," which still holds the asset at the time of writing.

For context, this is Mt. Gox's third significant transaction since the start of the month. Data shows it moved 12,000 BTC on March 6 and 11,833 BTC five days after.

The "1Pazv" wallet received the 11,501 BTC from another address tied to the exchange two weeks ago. Notably, address "1Mo1n" received around 11,834 BTC from another Mt. Gox wallet on March 6 and moved it to the sending address today, which Arkham branded an unmarked address at the time.

As a result, speculations have emerged that today's transfer may also be part of another Mt. Gox internal wallet shift and may not be related to the creditor distribution.

Moreover, Spot On Chain reports that some of Mt. Gox's last transactions ended up in the crypto exchange Bitstamp.

Mt. Gox has been making progress in its repayment process, which kickstarted in July 2024. Notably, the bankrupt exchange controlled over 70% of all Bitcoin trades while it was functional, cementing its position as the largest platform back in the day before its collapse.

However, as the bankruptcy proceedings progress, last October, the trustees in charge of Mt. Gox's restructuring moved its repayment by one year, giving customers yet to complete the reimbursement requirements ample room to do so.