Defunct crypto exchange Mt. Gox moved 10,306 Bitcoin (BTC) worth $730.78 million to a fresh wallet on Tuesday, its biggest on-chain transfer in roughly two months.
Key Points:
- The trustee shifted 10,306.35 BTC to a previously unseen address at 04:47 UTC on June 2.
- Mt. Gox still controls about 34,504 BTC, valued near $2.43 billion across remaining wallets.
- The final creditor repayment deadline now sits at Oct. 31, 2026, roughly five months away.
Mt. Gox Cold Wallet Move
The trustee behind the collapsed Japanese exchange split Tuesday's move into two streams, on-chain trackers showed. The larger 10,306.35 BTC slice went to a previously unseen address starting with 14FEEM, recorded in Bitcoin block 952,072 at 04:47 UTC.
A smaller 116.30 BTC portion, worth about $8.25 million, routed to a known hot wallet labeled 1Jbez and was later marked spent.
The transfer marked the first major on-chain activity from the trustee in roughly two months and the largest movement ahead of the looming October deadline. Mt. Gox still controls about 34,504 BTC valued near $2.43 billion, the largest unresolved holding tied to any failed crypto exchange.
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Bitcoin Slides Under $70K
Bitcoin slid below $70,000 as the transfer hit the network, with the token down roughly 4% over 24 hours. A record 11-session U.S. spot ETF outflow streak has drained about $484 million from funds.
Strategy added pressure with a 32 BTC disposal, its first publicized sale of the asset since launching its corporate treasury push.
The bulk transfer remains unspent in the new wallet, according to data reviewed by analysts. The smaller hot wallet portion was marked spent, suggesting routine administrative activity rather than imminent selling. None of the funds have moved on to a custodian, an exchange, or any other deposit address.
Creditor Repayment Outlook
Most coins earmarked for creditors were acquired before the 2014 collapse, when Bitcoin traded in the hundreds of dollars. Any distribution at current prices would meet holders ready to lock in substantial gains, a dynamic that has long fueled volatility fears around the wind-down.
Trustee Nobuaki Kobayashi has pushed back deadlines repeatedly, with the final cutoff now set for Oct. 31, 2026. Repayments officially began in July 2024 through partner exchanges Kraken and Bitstamp, and about 19,500 creditors have received funds to date.
Mt. Gox once handled roughly 70% of global Bitcoin transactions before its 2014 collapse, when hackers drained around 850,000 BTC from the exchange's books.
The rehabilitation has dragged on for more than a decade across multiple legal jurisdictions. Creditors have waited through repeated delays, and partial repayments only began in mid-2024.
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