Defunct crypto exchange Mt. Gox has transferred large amounts of bitcoin, 10,422.6 BTC ($936 million), to a new wallet address on Tuesday, according to Arkham data.
The transfer comes after eight months of dormancy and is part of its ongoing creditor repayment process.
The move marks the exchange’s major activity from its holdings since March. The last recorded activity saw Mt. Gox transfer 11,834 BTC to an unknown wallet, worth over $1 billion.
Per Arkham, the beleaguered crypto firm’s wallet still holds around 34,689 BTC, valued at about $3.12 billion. The timing of the latest transfer coincides with a period of high volatility in the crypto market.
Wallet Activity Resurfaces – Can Creditor Payouts Lead to Large Selloff?
The recent wallet activity has sparked market anxiety over potential selling pressure. The transfer quickly caught the attention of market watchers, thought the funds have not moved again.
Analysts and traders note that such mass transfers alone do not create selling pressure.
One user said that the Mt. Gox BTC transfer is not a sell-off, but just cold-hot wallet movements. “This is not market selling, just preparation. Real sell pressure only starts if coins move from the hot wallet to exchanges.”
Another analyst noted that though moving 10,423 BTC looks “scary,” the market has been expecting this for years.
“Transfers alone don’t create selling pressure; they just reset where coins sit,” the analyst’s X post read.
Mt. Gox collapsed in 2014 after suffering a massive hack that resulted in the loss of 850,000 BTC, marking one of the most infamous events in crypto history.
Over the past decade, a court-appointed trustee has overseen the long civil rehabilitation process. About 200,000 BTC were eventually recovered.
Mt. Gox Repayments Slow Down
The exchange started to repay creditors in mid-2024, after years of delay.
Last month, Mt. Gox extended the creditor repayment deadline to October 31, 2026, citing incomplete procedures. The rehabilitation trustee Nobuaki Kobayashi said that there are unresolved issues affecting numerous creditors who have not yet received their distributions.
As a result, several claimants remain without compensation, prompting the court-approved extension to enable repayments “to the extent reasonably practicable.”
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