Mount Gox Moves Bitcoin Worth 931 Billion Won to New Address

# Mt. Gox Transfers $700 Million Worth of Bitcoin to New Address Mt. Gox, the infamous cryptocurrency exchange, has moved 11,833.6 BTC, valued at approximately $700 million, to a new address, as reported by NewsBTC on the 12th. This significant transfer has drawn extensive attention within the cryptocurrency community, sparking discussions about its potential impact on the market. # Bitcoin Movement: Transaction Details According to Arkham Intelligence, a blockchain analytics firm, Mt. Gox carried out two major Bitcoin transactions on March 11. The first transaction involved transferring 11,501.58 BTC, worth around $680 million, to an unknown wallet. The second transaction saw 332 BTC, worth approximately $20 million, moved to a hot wallet. # Background and Context This recent activity extends a series of substantial Bitcoin movements by Mt. Gox. On March 6, the exchange transferred over $1 billion worth of Bitcoin to a wallet named '1Mo1n'. The latest transfers also originated from the same wallet, confirmed as an official Mt. Gox address. Currently, Mt. Gox holds an estimated 35,915 BTC, valued at approximately $2.7 billion. # Market Impact Historically, investors have expressed concerns about the potential impact of large-scale Bitcoin sales by Mt. Gox, fearing they could drive prices down. However, the immediate market response to this transaction was muted. Analysts suggest the market may have already priced in these movements, or the actual sale has yet to occur. # History of Mt. Gox Mt. Gox once handled 80% of global Bitcoin transactions, solidifying its position as the largest Bitcoin exchange. However, between 2011 and 2014, it suffered massive security breaches, losing around 850,000 BTC, valued at approximately $500 million at the time. This led to the exchange declaring bankruptcy, causing financial and psychological distress to thousands of creditors. In recent years, efforts to reimburse creditors have been ongoing. This latest Bitcoin transfer appears to be part of that process. The cryptocurrency community is closely watching the timing and method of these reimbursements and their potential market impacts. # Broader Implications The cryptocurrency industry has faced numerous large-scale security incidents over the years. For instance, in February 2025, Bybit experienced a hack involving the theft of $1.5 billion worth of Ethereum, marking one of the largest heists in cryptocurrency history. The recent movement of $700 million worth of Bitcoin by Mt. Gox has reignited discussions on the security and reliability of cryptocurrency exchanges. While this event may not have had an immediate impact on the market, it serves as a reminder of the risks and complexities within the digital asset market.