The post Mt. Gox Moves $1 Billion in Bitcoin Amid Market Turmoil and New Tariffs appeared first on Coinpedia Fintech News
Mt. Gox, the bankrupt crypto exchange, has started moving Bitcoin again. As per a latest update from Arkham Intelligence, on March 6, 12,000 BTC, worth over $1 billion, was transferred from its wallet (1PuQB), with a transaction fee was just $1.64.
At the same time another 166.5 BTC, worth around $15 million, was sent to Mt. Gox’s cold wallet (1Jbez). The remaining Bitcoin was moved to an unknown wallet (1Mo1n), which now holds 11,834 BTC.
Mt. Gox-linked accounts now hold 36,080 BTC, worth around $3.26 billion, according to Arkham data. This is the first major Bitcoin move from Mt. Gox wallets in a month. The last transfer was only 4 BTC between cold wallets. It’s unclear what the recent transaction was for. In December, Mt. Gox moved about 1,620 BTC through unknown wallets, just two weeks after transferring over 24,000 BTC.
The Bitcoin move happened during a week of market ups and downs, caused by new trade tariffs from U.S. President Donald Trump, which began on March 4. These tariffs shook high-risk assets like crypto. Bitcoin’s price fluctuated a lot, going from a high of $94,770 on March 3, to a low of $82,681 on March 4. By March 5, Bitcoin had bounced back to over $90,000.
New Repayment Deadline
Mt. Gox, founded in 2010, quickly grew to become the largest bitcoin exchange by 2013, handling 70% of global bitcoin trades. However, in early 2014, it stopped withdrawals and trading. The platform shut down soon after, and the company filed for bankruptcy, losing over 800,000 BTC.
Thousands of creditors are still waiting for their bitcoin to be returned. In October 2024, Mt. Gox announced a new repayment deadline of October 31, 2025.