The now-bankrupt Japanese cryptocurrency exchange Mt. Gox has conducted its largest Bitcoin transfer in eight months as it postponed creditor repayments until the end of 2026.
A wallet marked as Mt. Gox transferred 10,608 Bitcoins (worth over $953 million) to a new crypto wallet, marking the first significant fund movement in eight months.
According to Arkham, this is also the first time since March 25 that this address has seen a large outflow of over $1 million, when 893 Bitcoins (worth $77.3 million) were transferred.
As of the time of writing, Mt. Gox still holds 34,689 Bitcoins, approximately $3.14 billion.
This transfer surprised the crypto community, as the bankrupt exchange has again postponed the repayment timeline by a year to October 31, 2026, citing that the procedures related to creditors have not yet been completed.
"Due to the hope of making payments to such restructured creditors within a reasonable and feasible range, the reorganization trustee has changed the deadline with court permission," Mt. Gox stated in an announcement on October 27.
The delay means that about $4 billion worth of Bitcoin will continue to remain off the market for the next year, thereby reducing the risk of a sudden sell-off by Mt. Gox's bankruptcy creditors.
As new institutional investors, including Bitcoin treasury companies and U.S. spot Bitcoin ETFs, continue to absorb the new supply, the impact of Mt. Gox's repayments on Bitcoin prices is diminishing.
Since Mt. Gox initiated its first round of repayments in July 2024, the price of Bitcoin has risen over 60%, from about $56,160 to $91,172 at the time of writing.
Some industry observers are concerned that this large transfer may indicate that Mt. Gox is preparing to sell its holdings, intensifying the current pressure on the crypto market.
"SwanDesk CEO and financial analyst Jacob King posted on X platform on Tuesday: 'Mt. Gox just moved over $900 million worth of Bitcoin, likely preparing to sell.'"
However, the wallet receiving the funds (marked as "1ANkD") currently holds only the 10,608 Bitcoins received and has not sent any tokens to centralized exchanges, which would have been a stronger signal of an impending sale.
Mt. Gox was once the dominant Bitcoin exchange globally, with its trading volume accounting for over 70% of all BTC transactions at one point after its launch in 2010.
The Tokyo-based platform collapsed in 2014, losing approximately 850,000 BTC due to security vulnerabilities, which remains one of the largest hacking incidents in crypto history. Years of civil reorganization efforts have attempted to recover and distribute the remaining assets to creditors, who have experienced multiple delays and constantly changing repayment schedules.
Related: As BTC falls below $89,600, average investors in Bitcoin ETFs are now overall at a loss.
Original article: “Mt. Gox Transfers $953 Million in Bitcoin After 8 Months, Sparking Market Concerns”
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