Defunct Japanese cryptocurrency exchange Mt. Gox has executed its largest Bitcoin transfer in eight months, a significant movement occurring even as the exchange has postponed creditor repayments until late 2026.
The Mt. Gox-labeled cold wallet moved 10,608 Bitcoin (BTC), valued at over $953 million, into a new cryptocurrency wallet. This marks the first substantial transfer from the address in eight months.
According to Arkham, this transfer was the first movement exceeding $1 million from the address since March 25, when 893 BTC, worth $77.3 million, were moved.
At the time of writing, Mt. Gox still holds 34,689 Bitcoin, with a value of approximately $3.14 billion.
Repayment Delays and Market Impact
The recent transfer occurred as a surprise to the crypto community, particularly given that the defunct exchange had delayed its repayments by another year, setting a new deadline of October 31, 2026, due to incomplete creditor procedures.
In an announcement dated October 27, Mt. Gox stated, "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."
This delay means that approximately $4 billion in Bitcoin will remain off the market for an additional year, potentially mitigating the risk of a sudden sell-off by Mt. Gox's creditors.
Investor Concerns Amidst Transfer
The transfer has sparked concerns among some industry observers, who interpret it as a potential sign that Mt. Gox may be preparing to liquidate its holdings, which could exert further downward pressure on the cryptocurrency market during its current correction phase.
Jacob King, financial analyst and CEO at SwanDesk, expressed this sentiment in an X post, stating, "Mt. Gox has just moved over $900M in bitcoin, likely preparing to dump it on the market."
However, the receiving wallet, identified as "1ANkD," has so far only held the 10,608 BTC it received. No coins have been sent to centralized exchanges, which would typically signal an imminent sale.
Historical Context of Mt. Gox
Mt. Gox was once the world's leading Bitcoin exchange, at its peak handling over 70% of all BTC trades following its launch in 2010.
The Tokyo-based platform collapsed in 2014 after it was revealed that approximately 850,000 BTC had been lost in a significant security breach, an event that remains one of the largest hacks in the history of cryptocurrency. A lengthy civil rehabilitation process has since been underway, aiming to recover and distribute the remaining assets to creditors who have faced numerous delays and shifting timelines for their repayments.