Bitcoin Transfer Worth $1.01B by Mt. Gox, Simultaneous with Kraken Exchange Trial Transaction

The bankrupt cryptocurrency exchange Mt. Gox has transferred 11,501 BTC, with a value of approximately $1.01 billion, marking its third significant transaction this month. This movement of funds also involved a test transfer to the Kraken exchange.

Arkham Intelligence, a blockchain analytics firm, identified the transfer of funds from Mt. Gox's wallet on March 25. The transactions consisted of 893 BTC (around $78 million) being sent to a new address and 10,608 BTC (about $929 million) being moved to another wallet controlled by Mt. Gox. Moreover, 0.000017 BTC was transferred to Kraken, possibly as a test transaction.

This recent transfer has led to speculation that it could be connected to imminent creditor repayments. This follows two other major transactions earlier this month, which involved 12,000 BTC on March 6 and 11,833 BTC on March 11. Spot On Chain, a blockchain analytics platform, reported that some of these previous transfers ended up on the Bitstamp exchange.

[ATTENTION] Mt. Gox has moved 11,501.4 $BTC ($1B) once again!

This transfer includes 10,608 $BTC ($929.7M) sent to a new wallet and 893.4 $BTC ($78.3M) to a warm wallet.

Notably, following Mt. Gox’s previous transfer, 332 $BTC ($25.5M) was deposited into #Bitstamp. It is likely that the 893.4 $BTC… https://t.co/8HryhiHSoT pic.twitter.com/NBQtcWSREJ

Mt. Gox was once the world's largest Bitcoin exchange, but it declared bankruptcy in 2014 after losing approximately 850,000 BTC, which was then valued at nearly $500 million. The exchange attributed this loss to a hacking incident, which was later revealed to be the result of years of security lapses. The case has been the subject of numerous legal disputes over the years, causing delays in the repayment of creditors.

As of March 25, data from Arkham Intelligence indicates that Mt. Gox still possesses around 35,000 Bitcoin, valued at roughly $3.08 billion. Last year, the exchange extended its repayment deadline from October 31, 2024, to October 31, 2025, citing verification and processing delays.

Historically, large Bitcoin transfers from entities such as Mt. Gox have caused fluctuations in the market. However, recent data suggests that these movements have had a lesser impact on Bitcoin's price. The cryptocurrency is currently trading at around $86,500, showing a robust recovery from its recent 7-day low of $81,259.