Defunct Japanese cryptocurrency exchange Mt. Gox has executed its largest Bitcoin transfer in eight months, even as creditor repayments remain delayed until late 2026.
A Mt. Gox-linked cold wallet moved 10,608 BTC—valued at over $953 million—to a new cryptocurrency address, marking its first major transaction since March.
According to Arkham, this is also the wallet’s first transfer exceeding $1 million since March 25, when it sent 893 BTC worth $77.3 million.
Despite the movement, Mt. Gox still holds 34,689 BTC, valued at roughly $3.14 billion at the time of writing.
The transfer caught the crypto community off guard, as Mt. Gox recently postponed creditor repayments by another year to Oct. 31, 2026, citing incomplete rehabilitation procedures.
“It is desirable to make repayments to rehabilitation creditors to the extent reasonably practicable,” the Rehabilitation Trustee wrote in an Oct. 27 notice, adding that the court had approved the extended deadline.
The delay keeps roughly $4 billion in Bitcoin off the market for another year, easing fears of a sudden sell-off by Mt. Gox creditors.
Meanwhile, the overall impact of Mt. Gox repayments on Bitcoin’s price continues to diminish. New institutional participants—such as Bitcoin treasury firms and U.S. spot Bitcoin ETFs—have been absorbing the circulating supply.
Since the first tranche of repayments began in July 2024, Bitcoin has climbed more than 60%, rising from around $56,160 to $91,172 at the time of writing.
Mt. Gox’s $953M transfer sparks investor unease
Some analysts interpreted the massive transfer as a warning sign that Mt. Gox may be preparing to sell part of its remaining Bitcoin, potentially adding further downward pressure amid the ongoing market correction.
“Mt. Gox has just moved over $900M in bitcoin, likely preparing to dump it on the market,” financial analyst and SwanDesk CEO Jacob King wrote in an X post on Tuesday.
However, the receiving wallet—identified as 1ANkD—has so far only held the 10,608 BTC it received. It has not moved any funds to centralized exchanges, a key step that would indicate an imminent sale.
Mt. Gox was once the world’s leading Bitcoin exchange, accounting for more than 70% of global BTC trading at its peak after its 2010 launch.
The Tokyo-based platform collapsed in 2014 after disclosing the loss of roughly 850,000 BTC in a massive security breach—still one of the largest hacks in crypto history. Since then, a years-long civil rehabilitation process has worked to recover and redistribute the remaining assets to creditors, who have faced continual delays and shifting repayment timelines.
