Mt. Gox Moves 10,608 BTC (600,000 USD) to Two Wallets, Setting Stage for New Round of Compensation Payouts

This is the third notable on-chain movement of funds by the long-defunct Japanese crypto exchange this month as it works to resolve outstanding compensation claims

Bankrupt cryptocurrency exchange Mt. Gox has transferred a huge amount of Bitcoin (BTC) to two wallets, data from blockchain analytics firm Arkham Intelligence shows.

At press time, Mt. Gox had transferred 10,608.16 Bitcoin to an unlabeled address. From there, roughly 893 BTC was then sent to Mt. Gox’s hot wallet.

The top cryptocurrency closed in on the $89,000 mark on Monday before settling around $87,342 by 07:05 ET (11:05 GMT). It is currently trading 0.1% higher than it was this time yesterday, according to CoinGecko.

The latest transfer follows a previous movement of $930 million in Bitcoin on March 11, with the majority of the sum being shifted to another unknown address.

Also, on March 6, Mt. Gox transferred $1.07 billion to a new wallet. The exchange is working to resolve outstanding compensation claims from former users who lost assets during its 2014 hack.

While some creditors have already received fiat currency payments, many are still awaiting full compensation in Bitcoin or Bitcoin Cash. The extended timeline affects thousands of former users who lost assets during one of the industry’s most notable setbacks.

The exchange postponed its complete creditor payout deadline by one year to Oct. 31, 2025, citing ongoing verification and processing requirements for claimants. This means that until then, no transaction on Mt. Gox’s part will increase selling pressure on BTC or BCH.

Launched in 2010, Mt. Gox was once the most popular platform for buying and selling the world’s first cryptocurrency online, servicing roughly 70% of all Bitcoin trades globally in 2013.

The Tokyo-headquartered exchange suffered a security breach in 2014 and lost a whopping 850,000 Bitcoins, forcing the company to declare bankruptcy.

The collapsed exchange still retains about 35,583 Bitcoin in its wallets, which is currently worth about $3.1 billion.