The defunct Japanese crypto exchange Mt. Gox moved approximately $739 million worth of Bitcoin assets from its cold wallets on Tuesday morning. According to Arkham Intelligence, this is the first major on-chain movement in the last two months. This is reported by Cointelegraph.com reported by.
Blockchain data shows that the exchange transferred 10,306 Bitcoin (BTC) to an unknown address at 04:47 UTC. These funds are currently labeled as "unspent" by Arkham, meaning they are being held at a new address. At the same time, the exchange made a separate transfer of 116.3 BTC (approximately $8.25 million) to its hot wallet.
This large transaction has sparked speculation that the repayment process for creditors may be accelerating. Creditors who have been waiting for their funds for over a decade may start selling their Bitcoin assets once they receive them, which could potentially put additional pressure on the market.
According to Arkham data, Mt. Gox wallets still hold 34,504 BTC (approximately $2.41 billion). The exchange began repayments in July 2024 through partner exchanges like Kraken and Bitstamp, but the process has been slow and the deadline has been postponed several times.
Mt. Gox was once the world's largest Bitcoin exchange, controlling 70% of global BTC trading. The Tokyo-based platform went bankrupt in 2014 after announcing the loss of 850,000 BTC. The current deadline for completing repayments to creditors is set for October 31, 2026.
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