# Mt. Gox Makes Second $900M+ Move in a Week as Bitcoin Taps $76K
In a flurry of activity, the bankrupt crypto exchange Mt. Gox has made its second large-scale transfer of Bitcoin worth over $930 million in just a week, coinciding with a 2.4% price fall for Bitcoin to $76,784 over the past 30 minutes.
The latest transfer, which took place on March 11, saw Mt. Gox move a batch of 11,833 Bitcoin (BTC) worth over $930 million. Of this amount, 11,501 Bitcoin ($905.1 million) were sent into a new wallet, while the remaining 332 Bitcoin ($26.1 million) were transferred to a "warm" wallet. The transaction details reveal that the movement cost Mt. Gox just $2.13.
This latest transfer comes less than a week after Mt. Gox moved an additional 12,000 Bitcoin worth over $1 billion on March 6. Notably, $15 million of those funds were sent to BitGo - one of the custodians facilitating Mt. Gox's creditor repayments. Blockchain analytics firm Spot On Chain suggests that the 332 Bitcoin transferred into the warm wallet may also be moved to assist with the repayments.
The movement occurred at a time when Bitcoin was retreating from its November prices, having fallen by 2.4% in just 30 minutes. CoinGecko data shows that the price of Bitcoin soon recovered from this slump, rising to $79,275 shortly after. However, Maelstrom chief investment officer Arthur Hayes advised investors to "be fucking patient" in a March 11 X post, predicting that Bitcoin would bottom around the $70,000 mark.
Mt. Gox's main wallets now only hold 24,411 Bitcoin worth $1.94 billion - a significant decrease from its initial holdings of around $9.2 billion. The exchange has been undergoing a process of offloading its assets since June 2024, as reported by Spot On Chain data.
Last October, Mt. Gox extended its deadline to fully repay its creditors, setting a new target date of October 31, 2025. The defunct crypto exchange was once the largest Bitcoin exchange between 2010 and 2014, handling around 70-80% of Bitcoin trades before it collapsed from a hack that saw up to 850,000 Bitcoin stolen from the Tokyo-based platform.
As Mt. Gox continues to navigate its debt repayment obligations, the market remains cautious, with Bitcoin's price volatility posing significant challenges for investors and creditors alike. Will the exchange be able to fully repay its debts by the new deadline, or will the market conditions prove too volatile? Only time will tell.