Mt. Gox Moves $931M in Bitcoin Amid Market Downturn, Raising Concerns

Mt. Gox has once again made headlines with a massive Bitcoin transfer. On March 12, blockchain tracking platform Lookonchain reported that the defunct exchange moved 11,834 BTC, worth approximately $931.19 million. The majority of these funds were transferred to a new wallet, while the rest were sent to a warm wallet. This follows a similar move on March 6, when Mt. Gox shifted $1.07 billion in Bitcoin to a new address, later followed by a smaller $15 million transaction.

These transactions come amid a sharp crypto market decline, with Bitcoin plunging to $76,000 and Ethereum falling below $1,800, the lowest since October 2023. The sudden movement of large BTC holdings has sparked concerns among investors about potential selling pressure. However, Mt. Gox's final repayment deadline has been extended to October 31, 2025, easing fears of immediate liquidations.

Mt. Gox, once the world’s largest Bitcoin exchange, collapsed in 2014 after losing 850,000 BTC in a massive hack. The exchange began repaying creditors in July 2023, distributing Bitcoin and Bitcoin Cash. Despite reassurances, each fund transfer by the exchange continues to draw intense scrutiny, fueling speculation about its impact on Bitcoin’s price.

With the crypto market on edge, traders are closely watching Mt. Gox’s movements for signs of potential market shifts. As Bitcoin hovers around crucial support levels, any large liquidation could further impact prices. For now, the crypto community remains vigilant, monitoring how these long-dormant assets will be reintroduced into circulation.