The defunct Bitcoin exchange Mt. Gox has once again seen a large on-chain transfer. On-chain data shows that the platform transferred out 10,422.65 bitcoins, worth approximately $739 million, on Tuesday. This is its largest single transfer in recent months and occurred before the creditor repayment deadline of October 31, 2026.
The transfer went to two addresses
According to Arkham Intelligence, this transaction was recorded in Bitcoin block 952,072. 10,306.35 bitcoins were transferred to a previously unseen new address, and another 116.30 bitcoins were transferred to a known hot wallet on Mt. Gox.
This splitting method is similar to several past administrative transfers by Mt. Gox. Similar operations have typically occurred during the preparatory phase before creditor distributions. However, as of now, this batch of Bitcoins has not yet been transferred to a custodian or trading platform.
Still holding approximately 34,500 Bitcoins
On-chain data also shows that Mt. Gox currently holds approximately 34,504 bitcoins, worth about $2.43 billion at current prices. This remains one of the largest unresolved bitcoin holdings among bankrupt cryptocurrency platforms.
Debt repayment for Mt. Gox commenced in mid-2024, involving approximately 19,500 creditors. Trustee Nobuaki Kobayashi has twice postponed the final deadline due to issues with procedural processing and creditor documentation.
The final deadline is set for October 2026.
In October 2025, the Tokyo court approved an extension of the final payment deadline from October 31, 2025 to October 31, 2026, which is also the current applicable deadline.
This transfer occurred as the price of Bitcoin fell below $71,000 for the first time in weeks. The market was also weighed down by multiple factors, including Strategy's earlier disclosure of Bitcoin sales, 10 consecutive days of net outflows from the spot Bitcoin ETF, and stalled progress in negotiations related to the Middle East situation.
Since many Mt. Gox creditors' Bitcoin holdings were formed before the platform's collapse in 2014, some creditors may choose to cash out their profits at current price levels if subsequent distributions continue. This is one of the main reasons why the market continues to pay attention to unusual activity in Mt. Gox wallets.
