- Mt. Gox transfers 11,501 BTC ($1.01B), with 893 BTC moved to a hot wallet and 10,608 BTC to a change wallet, raising questions about its purpose
- The exchange owes 141,686 BTC, 143,000 BCH, and 69 billion yen to creditors after the 2014 hack, which stole 740,000 BTC
- Repayments began in July 2024, but delays, including a $16B lawsuit by CoinLab, continue to hinder the process, with the deadline set for October 2025
Deceased cryptocurrency exchange “Mt. Gox” has reportedly transferred 11,501 BTC, or around $1.01 billion to two distinct wallets. The peculiar transaction initially reported by blockchain analytics firm “Arkham Intelligence” has raised suspicion on the cause of trade.
From the billionaire amount, 893 BTC ($78.11 million) was linked directly to Mt. Gox’s hot wallet. Meanwhile, 10,608 BTC valued at $927.4 million was transferred to a “change wallet”, a type of wallet generally used to store large sums of assets or reallocate funds.
Creditor Repayment by October
Last year, Mt. Gox announced yet another postponement to the repayment deadline for its customers’ funds, continuing a series of delays that have spanned over a decade. The new deadline is now set for October 2025. However, repayments finally began in July 2024, marking a long-awaited step forward for creditors.
The bankrupt exchange owes creditors approximately 141,686 BTC, 143,000 Bitcoin Cash (BCH), and around 69 billion Japanese yen. This staggering debt stems from one of the largest cryptocurrency heists in history when hackers stole an estimated 740,000 BTC from Mt. Gox in 2014.
Among the creditors are individual users, institutional investors, and entities such as Bitcoinica and Mt. Gox Investment Funds.
After more than a decade, questions remain about why the repayment process has taken so long. One key reason is the ongoing legal dispute with CoinLab, which filed a $16 billion lawsuit against Mt. Gox, alleging a breach of their 2012 licensing agreement. This unresolved case has been a major factor in delaying full creditor repayments.
The recent transfer of 11,501 BTC could indicate preparations to continue creditor repayments, aligning with Mt. Gox’s efforts to meet the October 2025 deadline and resolve its outstanding obligations.
