The ghost of Mt Gox resurfaced on March 6, shifting 11,834 BTC—just over $1 billion—to an unidentified address and moving another 166.5 BTC ($15 million) into cold storage. The reasons are anyone’s guess, sparking everything from creditor repayment rumors to worries about a looming Bitcoin liquidation.

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Unpacking the Mt Gox Transaction

Dormant no longer, Mt. Gox wallets just made waves with their first major Bitcoin move in three months. The exchange retains over $3.3 billion in BTC, with 166.5 coins moved to an old cold wallet (1Jbez) and 11,834 BTC sent to a fresh address (1Mo1n). 99Bitcoin’s analysts are now predicting the defunct exchange will sell off its BTC after the White House Crypto Summit, ostensibly after a hype-driven pump.

Mt. Gox once ruled the crypto world, handling 70% of all Bitcoin trades at its peak before collapsing in 2014 under the weight of an $850,000 BTC hack—worth $450 million back then. The fallout threw the crypto market into chaos, leaving creditors in limbo for nearly a decade.

Payback finally began in 2024, as small batches of Bitcoin and Bitcoin Cash trickled out to 21,000 creditors via platforms like Kraken and Bitstamp. The process is now delayed until October 31, 2025.

These latest movements have injected fresh uncertainty into an already volatile crypto market. Some market observers believe Mt. Gox may be laying the groundwork for additional creditor payouts.

This theory aligns with past wallet activity, such as a December 2024 transfer of 1,620 BTC, which preceded further repayments. However, the sheer size of this week’s transfer has led to speculation that a large-scale Bitcoin sale could be imminent—perhaps with the exchange capitalizing on Bitcoin’s current trading range near $90,000.

ICYMI: Earlier today Mt. Gox just woke up. Over 12,000 BTC ($1.2B) moved today—the biggest transfer since its 2014 collapse. Eyes on the market. pic.twitter.com/pCfbr7pfja

— Nansen 🧭 (@nansen_ai) March 6, 2025

Crypto Twitter, as always, is in Civil War mode. While most are debating who will benefit from the White House Crypto Summit – the going bet is Vitalik Buterin won’t wear a suit – others are focusing on Mt Gox.  A sale of this magnitude could apply downward pressure on Bitcoin’s price, though some argue that institutional demand might easily absorb the supply.

What’s Next After The White House Crypto Summit?

Earlier this week, Bitcoin regained its footing at $90,162, a 4% rise in the past 24 hours after plunging from $94,770 to $82,681 in just a day. The drop, triggered by U.S. trade tariffs, underscored market volatility, but Bitcoin’s recovery tells a different story. This isn’t the same fragile asset shaken by Mt. Gox—it’s now a mature player with institutional backing, strong derivatives, and a reliable buyer base.

With less than two years until the final repayment deadline, Mt. Gox’s actions will likely remain a focal point for both creditors and market participants. Whether this latest move signals more repayments or market activity, its impact will be closely monitored.

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