Mt. Gox Moves $905M in Bitcoin as Repayments Stall

Mt. Gox Moves $905M in Bitcoin as Creditor Repayments Stall

Defunct crypto exchange Mt. Gox transferred 11,501 BTC, worth $905 million, to an unmarked wallet on Monday, according to Arkham Intelligence. The funds were sent from a previously unmarked exchange wallet, with 332 BTC moved separately to Mt. Gox's warm wallet, though both amounts remain unspent.

The movement comes as Mt. Gox continues delaying creditor repayments, recently pushing its deadline to October 31, 2025. “Bitcoin movements in the past have typically preceded repayments from Mt. Gox to creditors,” analysts noted, raising speculation about potential upcoming distributions.

Founded in 2010, Mt. Gox was once the largest Bitcoin exchange, handling 70% of global BTC trades before its 2014 collapse due to a massive hack that wiped out 850,000 BTC. The exchange has since begun partial repayments, disbursing funds via Kraken and Bitstamp while retaining $2.8 billion in Bitcoin.

Despite the transfer, uncertainty lingers over whether the latest move signals imminent creditor repayments or internal fund restructuring. The impact on market prices remains unclear, but large-scale distributions have historically triggered selling pressure on Bitcoin.

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Offchain Labs Announces Plan to Buyback ARB Tokens

Offchain Labs, the developer behind Arbitrum, has announced a strategic purchase plan to acquire ARB tokens for its treasury. The company will gradually buy ARB from the open market, using predetermined parameters to guide its purchases. While no specific target amount was disclosed, the firm says this move aligns with its long-term ecosystem strategy.

The plan comes as ARB’s price struggles, having dropped 86% from its January 2024 peak of $2.39. Market supply has also increased, with ARB’s circulating supply growing from 2.9 billion to 4.4 billion tokens over the past year. Despite this, Arbitrum remains a leading Layer 2 network, with over $2.3 billion in total value locked (TVL).

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Circle’s Adds CCTP Upgrade For USDC Cross-Chain Transfers

Circle has launched an upgrade to its Cross-Chain Transfer Protocol (CCTP V2), reducing USDC transaction times from minutes to seconds. The update includes a Fast Transfer feature, enabling near-instant settlements, and Hooks, which allow for automated treasury management. The upgraded protocol is now live on Ethereum, Avalanche, and Base, with more integrations expected later in 2025.

Since its launch in 2023, CCTP has processed over $36 billion in transfers, offering an alternative to liquidity pools for blockchain interoperability. Circle’s USDC remains the second-largest stablecoin, with a $58 billion circulating supply. The update aims to increase adoption in crypto trading, DeFi, and real-world financial settlements.

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VanEck Registers Avalanche (AVAX) ETF in Delaware

Asset manager VanEck has registered a trust company for an Avalanche (AVAX) ETF in Delaware, signaling plans for a potential new spot crypto fund. This follows similar ETF applications for Solana, XRP, and Dogecoin, reflecting a growing institutional interest in altcoins. VanEck was also first to file a Solana ETF proposal with the SEC in June 2024.

Analysts suggest VanEck is testing market demand, as Avalanche is currently ranked 16th by market cap at $7 billion. While no official SEC filing has been made, experts believe early registration increases the chances of approval. If launched, the AVAX ETF could provide mainstream investors with regulated exposure to Avalanche’s blockchain ecosystem.

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Data of the Day

Solana’s weekly network revenue has plummeted 93% from a January high of $55 million to just $4 million, according to DefiLlama data.

The decline follows a collapse in memecoin trading, which had fueled Solana’s record transaction volumes earlier this year. Solana’s DeFi total value locked (TVL) has also fallen 50%, dropping from $12 billion to $6.4 billion.

Memecoin trading, which accounted for 80% of Solana’s revenue, has seen a sharp decline, with PumpFun’s daily revenue falling 95% since January.

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More Breaking News

• Sen. Cynthia Lummis reintroduced the Bitcoin Act, aligning with Trump’s executive order to create a strategic Bitcoin reserve for national economic security.
• Taproot Wizards will auction 2,121 Bitcoin Ordinals NFTs this month, two years after inscribing them on-chain as part of its signature collection.
• An EU official warned that Trump's crypto policies and US-backed stablecoins could undermine Europe’s monetary autonomy and financial stability.
• Coinbase is set to relaunch in India after securing Financial Intelligence Unit (FIU) registration, marking its return after regulatory hurdles in 2022.
• Ethereum’s Holesky testnet regained finality after weeks of disruption caused by a configuration bug during Pectra upgrade testing in late February.
• Virtuals Protocol saw its daily revenue plunge 96% from January highs, as demand for AI-powered trading bots sharply declined.
• Ethereum developers refuted speculation that a $56M deposit into Sky came from the Ethereum Foundation, linking it instead to an early ETH investor.

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