Mt. Gox Executes $953 Million Bitcoin Move After Eight Months, Raising Concerns

Defunct Japanese cryptocurrency exchange Mt. Gox has executed its largest Bitcoin transfer in eight months, even as it continues to delay creditor repayments until late 2026.

Transfer Details

The cold wallet known as Mt. Gox transferred 10,608 Bitcoin (BTC) valued at over $953 million to a new cryptocurrency wallet, marking its first major transfer in the last eight months. The last significant transaction from this address occurred on March 25, when 893 BTC worth $77.3 million was moved, as detailed by Arkham.

Currently, Mt. Gox holds 34,689 Bitcoin worth around $3.14 billion.

Mt. Gox Wallet Transfer Mt. Gox-labelled wallet, transfers, balance history. Source: Arkham Intelligence

Market Impact

This unexpected transfer has triggered alarms in the crypto community, especially given that Mt. Gox announced further delays to its repayment schedule. The repayments are now pushed back to October 31, 2026, due to incomplete creditor procedures.

“As it is desirable to make the Repayments to such rehabilitation creditors to the extent reasonably practicable, the Rehabilitation Trustee, with the permission of the court, has changed the deadline.”

Jacob King, a financial analyst and CEO of SwanDesk, expressed concerns in a recent social media post, stating that the move of over $900 million in Bitcoin could indicate a plan to sell these holdings, which may place additional downward pressure on the market.

BTC/USD Chart BTC/USD, all-time chart. Source: Cointelegraph

Despite these moves, the receiving wallet has yet to show any signs of transferring the received 10,608 BTC to centralized exchanges, which would further confirm a potential sale.

Mt. Gox once held the title of the world’s leading Bitcoin exchange, controlling more than 70% of BTC trades during its peak after its launch in 2010. However, it collapsed in 2014 due to a significant hack that resulted in the loss of approximately 850,000 BTC, marking one of the biggest breaches in crypto history, and has been navigating a complex civil rehabilitation process to repay creditors ever since.